Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above: (a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Period expires; (b) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period; (c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and (d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 5 contracts
Sources: Revolving Credit Agreement (ITC Holdings Corp.), Revolving Credit Agreement (ITC Holdings Corp.), Revolving Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time the any Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the such Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained above:
month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
; (bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Period;
month; (cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(de) unless the Borrower shall not Required Lenders otherwise agree, no Interest Period may be entitled to elect selected at any LIBOR time when an Event of Default is then in existence; and (f) no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Maturity Commitment Termination Date. This Section If by 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 LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans 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 a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Lead Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Lead Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Loans) Base Rate Term Loans and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This 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 not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week two weeks or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Period expires;
(b) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 5 contracts
Sources: Revolving Credit Agreement (ITC Holdings Corp.), Revolving Credit Agreement (ITC Holdings Corp.), Revolving Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three three, six or (in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month period (or such other period of less than six monthsmonths as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedDate of such Loan.
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 a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Lead Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Lead Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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 an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, 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 Lead Borrower giving notice thereof together with its election of one or more Interest Periods 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, Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, Lead Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six monthsor (if available to all relevant Lenders participating in the relevant Credit Facility) a nine or twelve month period or a period of less than one month; provided 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:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and;
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit applicable Maturity Date. This Date of such Loan; and
(e) Posting Interest Periods shall be governed by Section shall not apply to Swingline Borrowings, which may not be converted or continued14.
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 Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Loan or continuation as, a Borrowing Alternative Currency Term Rate Loan (in the case of LIBOR Loans the initial Interest Period applicable thereto) or prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Loan or Alternative Currency Term Rate Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Loan or Alternative Currency Term Rate Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the contrary contained above:Administrative Agent with respect to a LIBO Rate Loan, a period less than one month; provided that (in each case):
(ai) 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 LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which 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 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 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
(dvii) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This 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, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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 Loans, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, Borrower shall not apply be deemed to Swingline Borrowings, which may not have elected to convert such LIBO Rate Loans into Base Rate Loans with such conversion to be converted or continuedeffective 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 Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three three, six or, if approved by each Lender of such LIBOR Loan, twelve month period or six months. Notwithstanding anything to the contrary contained above:any period shorter than one month, provided that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during the continuance of a Significant Event of Default, no Interest Period may be selected; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Maturity Date for such Tranche of Loans. If by 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 LIBOR Loan if Loans, the Borrower has failed to elect, or 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 continue such LIBOR Loans as LIBOR Loans with an Interest Period would extend beyond of one month effective as of the Revolving Credit Maturity Date. This Section 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 not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans 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 Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 11:00 a.m. (New York Central time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three three, six or six monthsif available to all the Lenders as determined by the Lenders in good faith based on prevailing market conditions, a nine or twelve month period. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period , unless, in respect the case of a LIBOR Loan would otherwise expire on a day that is not a 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 LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable maturity date of such Loan.
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 Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any Term Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such Term Benchmark Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingTerm Benchmark Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period (in each case, subject to the contrary contained above:availability for the Benchmark applicable to the relevant Loan); provided that (in each case):
(ai) all Term Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Term Benchmark Term Loan shall commence on the date of Borrowing of such Borrowing Term Benchmark Term Loan (including including, in the case of Term Benchmark Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Term Benchmark Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a Term Benchmark Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Term Benchmark Term Loan would otherwise expire on a day that which 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 preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a Term Benchmark Term Loan may be selected at any time when an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any Term Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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 Term Benchmark Term Loans, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Term SOFR Rate, Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of Term Benchmark Term Loans, which may not to convert such Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last 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 repayment of a calendar month 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 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 3 contracts
Sources: Credit Agreement (Pxre Corp), Credit Agreement (Pxre Group LTD), Credit Agreement (Pxre Group LTD)
Interest Periods. At the time the a Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Loan or continuation as, a Borrowing B/A Discount Rate Loan (in the case of LIBOR Loans the initial Interest Period applicable thereto) or prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Loan or B/A Discount Rate Loan, as the case may be, (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the respective Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Loan or B/A Discount Rate Loan, as the case may be, which LIBOR Interest Period shall, at the option of the U.S. Borrower or the Canadian Borrower, as the case may be one week or (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 months. Notwithstanding anything month period or, to the contrary contained above:extent agreed to by all Lenders with LIBO Rate Loans or B/A Discount Rate Loans under the relevant Tranche, a nine or twelve month period; provided that (in each case):
(ai) all LIBO Rate Loans and B/A Discount Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO Rate Loan or B/A Discount Rate Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Loan or B/A Discount Rate Loan (including including, (x) in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate 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 LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Loan or B/A Discount Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month LIBO Rate 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Loan or B/A Discount Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Loan would otherwise expire on a day that which 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 preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit respective Maturity DateDate therefor. This With respect to any LIBO Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the 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 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 Loans or B/A Discount Rate Loans, the 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 Rate Loans or B/A Discount Rate Loans as provided above, such Borrower shall not apply be deemed to Swingline Borrowingshave elected (x) in the case of LIBO Rate Loans, which may not to convert such LIBO Rate Loans into Base Rate 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 converted or continuedeffective 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 the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such Fixed Rate Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingFixed Rate Loan, which LIBOR Interest Period shall, at the option of the Borrower, be a one week or one(1), twotwo (2), three or (3), six months. Notwithstanding anything (6) or, to the contrary contained above:extent approved by each Lender with Loans and/or Commitments under the relevant Tranche, nine (9) or twelve (12) month period or any shorter period; provided that (in each case):
(aA) all Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(B) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Fixed Rate Loan shall commence on the date of Borrowing of such Borrowing Fixed Rate Loan (including including, in the case of a LIBOR Loan, the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Fixed Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bC) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Fixed Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cD) if any LIBOR Interest Period for a Fixed Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of for a LIBOR Fixed Rate Loan would otherwise expire on a day that which 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 preceding Business Day; and;
(dE) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit Maturity Date. This Date 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 be made under Section shall not apply to Swingline Borrowings2.4(a), which 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, as the case may not be converted or continuedbe, then outstanding less the aggregate amount of such required 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 Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Term SOFR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be one week or be, in the case of Term SOFR Loans, a one, two, three or six monthsmonth period. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Term SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a Borrowing of LIBOR Term 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Term SOFR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and;
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Term SOFR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit applicable Maturity Date. This Date of such Loan; and
(e) no tenor that has been removed from this Section 2.9 pursuant to Section 2.10(f) shall not apply to Swingline Borrowings, which may not be converted available for specification in the applicable Notice of Borrowing or continuedNotice of Conversion or Continuation.
Appears in 3 contracts
Sources: Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.)
Interest Periods. At The applicable interest period (each an “Interest Period”) of each Borrowing of LIBOR Rate Loans shall be a one (1), two (2), three (3) or six (6) month period, as selected by the time applicable Credit Party in the Borrower gives a applicable Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofNotice, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence initially commencing on the date of such Borrowing the Loan or any Conversion/Continuation Date, as the case may be; provided that
(including i) in the date case of any conversion from a Borrowing of ABR immediately successive Interest Periods applicable to LIBOR Rate Loans) and , each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next immediately preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day;
(iii) 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 (iv) of this Section 2.5B, end on the last Business Day of a calendar month;
(iv) no Interest Period shall extend beyond the Maturity Date;
(v) no more than ten (10) Interest Periods shall be outstanding at any time; and
(dvi) if the Borrower applicable Credit Party fails to specify an Interest Period for any Borrowing of LIBOR Rate Loans in the applicable Notice of Borrowing or Conversion/Continuation Notice, such Credit Party shall not be entitled deemed to elect any LIBOR have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone (1) month.
Appears in 3 contracts
Sources: Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc)
Interest Periods. At the time the Borrower gives a the Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Period expires;
(b) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
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 any Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 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 date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the such Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the such Borrower, be one week or (x) a one, two, three or six months. Notwithstanding anything month period, or (y) with the consent of the Administrative Agent in its sole discretion, a period of less than one month or (z) to the contrary contained above:extent agreed to by all Lenders, such other period; provided that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next immediately preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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;
(e) no Interest Period may be selected at any time when an Event of Default is then in existence 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
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Final Maturity Date. This Section If by 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 LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected (i) in respect of U.S. Dollar Denominated Revolving Loans to convert such LIBOR Loans into Base Rate Loans 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 apply to Swingline Borrowingspermit the selection of an Interest Period pursuant to clause (e) above, which may not then on the expiration of the then-applicable Interest Period, such Loans shall be converted or continuedrepaid).
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 Borrower it gives a any Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into into, any Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to any such LIBOR LoansLoan 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 relevant Borrower shall have the right to elect elect, by giving the Administrative Agent written notice of thereof, the interest period (or telephonic notice promptly confirmed in writingeach an "Interest Period") the LIBOR Period applicable to such BorrowingFixed Rate Loan, which Interest Period shall be (x) in the case of a LIBOR Period shallLoan, 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 such Borrower, be one week or one, two, three or six months. Notwithstanding anything to provided that: (i) all Fixed Rate Loans comprising a Borrowing shall at all times have the contrary contained above:
same Interest Period; (aii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Fixed Rate Loan shall commence on the date of Borrowing of such Borrowing Revolving Loan (including the date of any conversion from thereof into a Borrowing Revolving Loan of ABR Loansa different Type) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Revolving Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
; (biii) if any LIBOR Interest Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Period;
month; (civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower no Interest Period shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Expiry Date; and (vi) no Interest Period may extend beyond the date upon which the Loans to such Borrower are required to be repaid pursuant to Section 3.02(c). This If, upon the expiration of any Interest Period applicable to a Borrowing of Fixed Rate Loans, the respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Fixed Rate Loans as provided in this Section 1.09, such Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such Fixed Rate Loans into Base Rate Loans 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 Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.7(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six monthsor (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 any shorter period requested by the Borrower; provided that, notwithstanding the foregoing, the initial Interest Period beginning on the Effective Date may be for a period less than one month if agreed upon by the Borrower and each of the Lenders. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day 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 LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 3 contracts
Sources: Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Interest Periods. At the time the Borrower gives a the Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Period expires;
(b) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
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 Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
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 Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the BorrowerBorrower be, be one week or in the case of a LIBOR Loan, a one, two, two or three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable 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 Borrower gives Each Interest Period of a Notice of Borrowing LIBO Rate Loan or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans an Alternate Currency LIBO Rate Loan shall commence on the date of such Borrowing LIBO Rate Loan or Alternate Currency LIBO Rate Loan is made and shall end on such date as Borrower may elect as set forth in (including the date of c)(iii) above provided that:
(i) any conversion from Interest Period which would otherwise end on a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing day which is not a Business Day shall commence on the day on which be the next preceding LIBOR Period expiresor succeeding Business Day as is the Bank's or the Alternate Currency Bank's custom in the market to which such LIBO Rate Loan or Alternate Currency LIBO Rate Loan relates;
(bii) if any LIBOR no Interest Period relating to a Borrowing of LIBOR Loans begins on shall end after the last Business Day day of a calendar month or the Term; and
(iii) any Interest Period which begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such LIBOR PeriodInterest Period is to end, such LIBOR Period shall (subject to clause (i) above) end on the last Business Day of the calendar month at the end day of such LIBOR Period;
calendar month. Borrower shall elect the initial Interest Period applicable to a LIBO 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 case may be. Borrower shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to Agent of such duration not less than three (c3) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on Days prior to the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan would otherwise expire on a day that is not a Business Day but is a last day of the month after which no further Business Day occurs in then current Interest Period applicable to such monthLIBO Rate Loan or Alternate Currency LIBO Rate Loan. If Agent does not receive timely notice of the Interest Period elected by Borrower, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled deemed to elect any LIBOR Period have elected to convert such LIBO Rate Loan to an Alternate Base Rate Loan and such Alternate Currency Loan to an Alternate Currency Base Rate Loan, in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This each case subject to Section shall not apply to Swingline Borrowings, which may not be converted or continued2.12(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 the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three three, six or six months(in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, PROVIDED that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR LoansLoans or) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided , PROVIDED that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit applicable Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedDate of such Loan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Intelsat LTD)
Interest Periods. At Concurrently with the time the Borrower gives 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 into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, twotwo or three-month period; provided, three or six months. Notwithstanding anything to the contrary contained abovehowever, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Period would extend beyond Loans, then the Revolving Credit Maturity Date. This Section Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continued.have elected to
Appears in 2 contracts
Sources: Credit Agreement (Eclipsys Corp), Credit Agreement (Eclipsys Corp)
Interest Periods. At the time the Lead Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Lead Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Lead Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Loans) Base Rate Term Loans and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This 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 not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be a period of (i) one week or oneany 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 monthsmonths or (iii) if available to all the Lenders making such LIBOR Loans, a 12-month or any other period requested by the Borrower. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day 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 LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Chesapeake Energy Corp)
Interest Periods. At the time the any Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or, in the case of any US Revolving Loan, conversion into, any LIBOR Loan or conversion into EURIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan or EURIBOR Loan (in the case of any subsequent Interest Period), the such Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan or EURIBOR Loan, which LIBOR Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in Section 2.01(a)(ii)), be a one week (or oneless than one month if permitted by the Administrative Agent), two, three or six months. Notwithstanding anything or, to the contrary contained above:extent approved by each Lender, nine or twelve month period; provided that (in each case):
(a) all LIBOR Loans or EURIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan or EURIBOR Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan or EURIBOR Loan (including including, in the case of any LIBOR Loan, the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan or EURIBOR shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan or EURIBOR Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan or EURIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Final Maturity Date. This Section If by 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 LIBOR Loans or EURIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans or EURIBOR Loans as provided above, such Borrower, (i) in the case of any US Revolving Loan, shall not apply be deemed to Swingline Borrowingshave 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 any UK Revolving Loan, which may not shall be converted deemed to have elected to continue such LIBOR Loans or continuedEURIBOR Loans as LIBOR Loans or EURIBOR Loans with 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 Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three three, six or six months(in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, provided that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR LoansLoans or) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit applicable Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedDate of such Loan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Panamsat Corp /New/)
Interest Periods. (a) At the time the a Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan or continuation as, a Borrowing Canadian CDOR Rate Loan (in the case of LIBOR Loans the initial Interest Period applicable thereto) or prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan or Canadian CDOR Rate Loan (in the case of any subsequent Interest Period), the such Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan or Canadian CDOR Rate Loan, which LIBOR Interest Period shall, at the option of the such Borrower, be one week or (x) a one, two, three or six months. Notwithstanding anything to month period or (y) a seven, fourteen or twenty-one day period if agreed by the contrary contained above:Administrative Agent in its sole discretion, provided that (in each case):
(ai) all LIBOR Loans or Canadian CDOR Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan or Canadian CDOR Rate Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan or Canadian CDOR Rate Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan or Canadian Prime Rate Loan, as applicable) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan or Canadian CDOR Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month Loan or Canadian CDOR Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any Interest Period for a LIBOR Period Loan or Canadian CDOR Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan or Canadian CDOR Rate Loan would otherwise expire on a day that which 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 preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Maturity Date for such Tranche of Loans. 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 LIBOR Loan if Loans or Canadian CDOR Rate Loan, the relevant Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Period would extend beyond Loans or Canadian CDOR Rate Loan as provided above, such Borrower shall be deemed to have elected to continue such LIBOR Loans or Canadian CDOR Rate Loan into LIBOR Loans or Canadian CDOR Loans, as applicable, with a same Interest Period, effective as of the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedexpiration 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 Borrower gives a any Notice of Borrowing under a given Tranche or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, two or three or six months. Notwithstanding anything to the contrary contained above:month period; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the 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 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 Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 Borrower gives By delivering a Notice of Borrowing or a Notice of Continuation Request in respect of the making of, or conversion into or continuation as, of a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date or Cost of making or conversion or continuation of such LIBOR Funds Rate Loans, the Borrower shall be deemed to have elected an Interest Period of one month. If the right Borrower does not prepay or repay a Revolving Loan by the end of an Interest Period, the Borrower shall be deemed to elect by giving the Administrative Agent written notice have elected to continue such Revolving Loan for an additional Interest Period of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six monthsmonth. Notwithstanding anything to the contrary contained above:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans or Cost of Funds Rate Loans shall commence on the date of such Borrowing (including the date of and any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) there shall be no more than ten (10) separate Interest Periods permitted with respect to all Revolving Loans;
(iii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower no Interest Period shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Commitment Termination Date (and, if the Commitment Termination Date shall be the Extension Date. This , no Interest Period with respect to a Loan made by a Withdrawing Lender that has not assigned such Loan pursuant to Section 2.3.4 shall not apply to Swingline Borrowings, which may not be converted or continuedextend beyond the Scheduled 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 In the time case of each LIBOR Loan, upon written or telephonic notice (confirmed in writing) to the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. Bank three (New York time3) on the third Business Day Days prior to the applicable commencement date of making or conversion or continuation of such each LIBOR LoansInterest Period therefor, the Borrower shall have the right option to elect by giving specify whether such LIBOR Interest Period shall be a period of 1, 2 or 3 months; provided that, in no event shall a LIBOR Interest Period in respect of any LIBOR Loan extend beyond the Administrative Agent written Maturity Date. If the Bank shall not have received timely notice of (or telephonic notice promptly confirmed in writing) a designation of a LIBOR Interest Period, 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 Loan effective on the last day of the preceding LIBOR Interest Period applicable thereto. The Interest Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans each Base Rate Loan shall commence on the date of it is made and terminate on the earliest of: (A) the maturity date for such Borrowing loan (including whether by acceleration or otherwise); or (B) the date it is paid in full. The determination of any conversion from a Borrowing of ABR 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 Borrowing LIBOR Loan shall commence on the day on which the next immediately preceding LIBOR Interest Period therefor expires;
(b) B. if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Period in respect of a LIBOR Loan would otherwise expire on a day that 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; and
(d) the Borrower shall not be entitled to elect any C. no LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Period would shall extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
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 Borrower gives a applicable Notice of Borrowing or a Notice of Continuation in respect of Conversion/Continuation, as the making ofcase may be, or conversion into or continuation as, a Borrowing of LIBOR Loans prior select an interest period (each an "Interest Period") to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoan, which LIBOR Interest Period shallshall be, at the option of the Borrower's option, be one week or either a one, two, three or six months. Notwithstanding anything to the contrary contained abovemonth period; provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter Funding Date in respect of such Borrowing Loan, in the case of a Loan initially made as a LIBOR Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and;
(div) any Interest Period that begins on the Borrower 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;
(v) no Interest Period with respect to any portion of the Term Loans shall not be entitled extend beyond March 31, 2006 and no Interest Period with respect to elect any LIBOR Period in respect portion of any LIBOR Loan if such LIBOR Period would the Revolving Loans shall extend beyond the Revolving Credit Maturity Loan Commitment Termination Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.;
Appears in 2 contracts
Sources: Credit Agreement (Winsloew Furniture Inc), Credit Agreement (Winsloew Furniture Inc)
Interest Periods. At the time the Borrower it gives a any Notice of Borrowing or a Notice of Continuation in respect of the making ofof any Fixed Rate Loan, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the each Borrower shall have the right to elect elect, by giving the Administrative Agent written Bank notice of thereof, the interest period (or telephonic notice promptly confirmed in writingeach an "Interest Period") the LIBOR Period applicable to such BorrowingFixed Rate Loan, which LIBOR Interest Period shall, at the option of the such Borrower, in the case of a LIBOR Loan, be one week or a one, two, three or six months. Notwithstanding anything month period, and in the case of a NIBOR Loan be a period of up to thirty days, provided that: (i) all Fixed Rate Loans comprising a Borrowing shall at all times have the contrary contained above:
same Interest Period; (aii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Fixed Rate Loan shall commence on the date of Borrowing of such Borrowing Loan (including the date of any conversion from thereof into a Borrowing Loan of ABR Loansdifferent Type) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Loan 7 shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
; (biii) if any LIBOR Interest Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Fixed Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Period;
month; (civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) no Interest Period shall extend beyond the Expiry Date. If upon the expiration of any Interest Period applicable to a Fixed Rate Loan, the Borrower has failed to elect a new Interest Period to be applicable to such Fixed Rate Loan as provided above, the Borrower shall not be entitled deemed to elect any LIBOR Period in respect have elected to convert such Loan into a Base Rate Loan effective as of any LIBOR Loan if the expiration date of such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedcurrent Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund)
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orion Capital Corp), Credit Agreement (Lason Inc)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing an Advance of LIBOR Loans prior to 10:00 a.m. (New York timein accordance with Section 2.1(b) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans2.5(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or (i) a one, two, three or six monthssix-month period, as requested by the Borrower. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day 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 LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Kimbell Royalty Partners, LP), Credit Agreement (Kimbell Royalty Partners, LP)
Interest Periods. At the time the any Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any Interest Period Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such Interest Period Loan (in the case of making or conversion or continuation of any subsequent Interest Period), such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingInterest Period Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained above:month period; provided that (in each case):
(a) all Interest Period Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Interest Period Loan shall commence on the date of Borrowing of such Borrowing Interest Period Loan (including including, in the case of U.S. Borrower Revolving Loans, the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Interest Period Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Interest Period Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any LIBOR Interest Period for a Interest Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Interest Period Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) if the Administrative Agent so determines or if the Required Lenders so notify the Administrative Agent, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Final Maturity Date. This Section If by 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 Interest Period Loans, the applicable Borrower or Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Interest Period Loans as provided above, such Borrower shall not apply be deemed to Swingline Borrowingshave elected to convert such LIBOR Loans into Base Rate Loans or such Canadian BA Rate Loans into Canadian Prime Rate Loans, which may not be converted or continuedin 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 Concurrently with the time the Borrower gives giving of a Notice of 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 into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week a one-, two-, three- or onesix-month period; provided, twohowever, three or six months. Notwithstanding anything to the contrary contained abovethat:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if an Event of Default shall have occurred and be continuing at the time of such Notice of Borrowing or continuedNotice of Conversion/Continuation with respect to any Borrowing.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Intercontinental Exchange, Inc.), 364 Day Credit Agreement (Intercontinental Exchange, Inc.)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Term SOFR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansAlternative Currency Term Rate Loans in accordance with Section 2.6(a), the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six monthsmonth period (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:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Term SOFR Loans or Alternative Currency Term Rate Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a Borrowing of LIBOR Term SOFR Loans or Alternative Currency Term Rate 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Term SOFR Loan or Alternative Currency Term Rate Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Term SOFR Loan or Alternative Currency Term Rate Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedDate of such Loan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Healthcare, Inc.)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO RateTerm Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO RateTerm Benchmark Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO RateTerm Benchmark Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or 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 months. Notwithstanding anything 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 (in each case, subject to the contrary contained above:availability for the Benchmark applicable to the relevant Loan); provided that (in each case):
(ai) all LIBO RateTerm Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO RateTerm Benchmark Term Loan shall commence on the date of Borrowing of such Borrowing LIBO RateTerm Benchmark Term Loan (including including, in the case of LIBO RateTerm Benchmark Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO RateTerm Benchmark Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or LIBO 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO RateTerm Benchmark Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO RateTerm Benchmark Term Loan would otherwise expire on a day that which 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 preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO RateTerm Benchmark Term Loan may be selected at any time when an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO RateTerm Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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 RateTerm Benchmark Term Loans, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOTerm SOFR Rate, Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO RateTerm Benchmark Term Loans, which may not to convert such LIBO Rate Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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. (a) At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into or continuation asinto, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Loans, the Borrower it shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, twothree, three six or, to the extent available to all Lenders under the respective Facility (as determined by the Administrative Agent), nine or six monthstwelve month period. Notwithstanding anything to the contrary contained above:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(ciii) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(iv) no Interest Period with respect to a Borrowing of Revolving Loans may be elected that would extend beyond the Final Maturity Date;
(v) no Interest Period with respect to any Borrowing of Term Loans may be elected that would extend beyond any date upon which a Scheduled Repayment is required to be made if, after giving effect to the selection of such 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
(dvi) no Interest Period may be elected if a Default under Section 9.01 or an Event of Default is then in existence and the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such election.
(b) If upon the expiration of any Interest Period, the Borrower is not permitted to elect a new Interest Period to be applicable to the 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 Borrower shall not be entitled deemed to elect have elected to convert such Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period. If upon the expiration of any LIBOR Interest Period in respect of any Term Loans, the Borrower has failed to elect a new Interest Period to be applicable to the respective Borrowing of LIBOR Loan if Loans as provided above, the Borrower shall be deemed to have elected a new Interest Period of (x) three months for such LIBOR Borrowing (to the extent the expiring Interest Period would extend beyond was three months or longer) or (y) one month (to the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowingsextent the expiring Interest Period was one month), which may not be converted or continuedin 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 Borrower gives a the Notice of Borrowing or a any Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or (x) a one, two, three or six months. Notwithstanding anything month period, or to the contrary contained above:extent agreed to by all Lenders with Loans under the relevant Class, a twelve month period or (y) if agreed by each Lender with Loans under the relevant Class, such other period not to exceed one-month; provided that (in each case):
(a) [Reserved];
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) no Interest Period may be selected at any time when an Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit conversion to a LIBOR Loan or a continuation as a LIBOR Loan; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Maturity Date for such Class of Loans. If by 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 LIBOR Loan if Loans, the Borrower has failed 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 or continue, as applicable, such LIBOR Loans as LIBOR Loans with an Interest Period would extend beyond of one month. If any Event of Default is in existence at the Revolving Credit Maturity Date. This Section 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 not apply to Swingline Borrowings, which may not be automatically converted or continuedon the last day of the current Interest Period into Base Rate Loans.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.), Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.)
Interest Periods. At the time the applicable Administrative Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans, CDOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to or EURIBOR Loans in accordance with Section 2.3(a), the applicable date of making or conversion or continuation of such LIBOR Loans, the Administrative Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the applicable Administrative Borrower, be one week or a one, two, three or six monthsor (if available to all Appropriate Lenders) a twelve month period or a period of less than one month. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans, CDOR Loans or EURIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Loan, CDOR Loan or EURIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the Borrower Borrowers shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan, CDOR Loan or EURIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
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 Borrower gives giving of a Notice of Borrowing or a 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 into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last 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 repayment of a calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dviii) the Borrower no Interest Period shall not be entitled to elect any LIBOR Period in respect of commence for any LIBOR Loan if such (including a conversion of, or continuation into, a LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Loan) on any day on which there are Swingline Borrowings, which may not be converted or continuedLoans outstanding.
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 Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Loan, Term SOFR Loan or continuation asAlternative 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, a Borrowing of LIBOR Loans prior to 10:00 a.m. 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 date to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders and, in the contrary contained above: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 month (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided that (in each case):
(ai) 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 LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which 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 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 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
(dvii) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This 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, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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, 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, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate or Term SOFR, respectively, Borrower shall not apply be deemed to Swingline Borrowings, which may not have elected to convert such LIBO Rate Loans and Term SOFR Loans into Base Rate Loans with such conversion to be converted or continuedeffective 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 Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of In connection with the making or continuation of, or conversion into or continuation asinto, a each Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower Representative shall have the right select an interest period (each an "Interest Period") to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or shall be
(a) either a one, two, three or six months. Notwithstanding anything to month period for Domestic Revolving Loans;
(b) either one or three months for the contrary contained aboveSterling 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:
(ai) the The initial LIBOR Interest Period for any Borrowing consisting of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing consisting of ABR LoansLoans of another Type) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) if If any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR 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) The Interest Period for a LIBOR Loan which is converted pursuant to Section 5.13(b) or Section 5.14 shall commence on the date of such 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
(dvi) the Borrower No Interest Period with respect to any Revolving Loan shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Termination Date, no Interest Period with respect to any Term A Loan shall extend beyond the Term A Loan Maturity Date and no Interest Period with respect to any Term B Loan shall extend beyond the Term B Loan Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
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 a Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of in accordance with Section 2.6(a), such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, such Borrower be one week or a one, two, three three, six or (in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period (or such other period of less than six monthsmonths as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the applicable Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedDate of such Loan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Holdings, Inc.), Credit Agreement (Hca Inc/Tn)
Interest Periods. (a) At the time the a Borrower gives a Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into or continuation asinto, a Borrowing of LIBOR Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. 12:00 Noon (New York timeTime) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Eurodollar Loans, the Borrower it shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the such Borrower, be one week or a one, two, three or six monthsmonth period or such other period available to all Lenders. Notwithstanding anything to the contrary contained above:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including including, where relevant, the date of any conversion from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Interest Period relating to begins on (x) the last Business Day of a Borrowing of LIBOR Loans begins month, it shall end on the last Business Day of a calendar the month or begins on in which it is to end and (y) a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(ciii) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(iv) no Interest Period may be elected that would extend beyond the Final Maturity Date;
(v) at any time when a Default or an Event of Default is then in existence no Interest Period may be elected if the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such election; and
(dvi) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period.
(b) If upon the expiration of any Interest Period, the applicable Borrower has failed to (or may not) elect a new Interest Period to be applicable to the Loans subject to the expiring Interest Period as provided above, such Borrower shall not be entitled deemed to elect any LIBOR Period have elected, in respect the case of any LIBOR Loan if Eurodollar Loans, to convert such LIBOR Period would extend beyond Borrowing into a Borrowing of Base Rate Loans effective as of the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedexpiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Partnerre LTD), Credit Agreement (Partnerre LTD)
Interest Periods. At the time the Parent Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Parent Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Parent Borrower be one week or a one, two, three three, six or (in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month period (or such other period of less than six monthsmonths as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the no Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Final Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Restatement Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Holdings, Inc.)
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a 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 into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
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 Borrower Company gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into or continuation as, a Borrowing of any LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansLoan, the Borrower Borrowers shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the BorrowerBorrowers, be one week or (x) a one, two, three or six months. Notwithstanding anything month period, (y) to the contrary contained above:extent agreed to by all Lenders, a twelve month period or (z) if agreed by the Administrative Agent in its discretion and each Lender, such other period not to exceed one-month; provided, that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default has occurred and is continuing; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Final Maturity Date. This Section If by 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 LIBOR Loans, the Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrowers shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans 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 Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, twotwo or three-month period; provided, three or six months. Notwithstanding anything to the contrary contained abovehowever, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orthalliance Inc), Credit Agreement (Orthalliance Inc)
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice in the case of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior or a Notice of Conversion/Continuation in respect of any Borrowing comprised of Base Rate Loans to 10:00 a.m. (New York time) on the third Business Day prior be converted into, or LIBOR Loans to the applicable date of making or conversion or continuation of such be continued as, LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of 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 begins on shall be made) if a Default or Event of Default shall have occurred and be continuing at the last Business Day time of a calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De)
Interest Periods. At The applicable interest period (each an “Interest Period”) of each Borrowing of LIBOR Rate Loans shall be a one (1), two (2), three (3) or six (6) month period, as selected by the time applicable Credit Party in the Borrower gives a applicable Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofNotice, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence initially commencing on the date of such Borrowing the Loan or any Conversion/Continuation Date, as the case may be; provided that
(including i) in the date case of any conversion from a Borrowing of ABR immediately successive Interest Periods applicable to LIBOR Rate Loans) and , each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next immediately preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day;
(iii) 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 (iv) of this Section 2.5B, end on the last Business Day of a calendar month;
(iv) no Interest Period shall extend beyond the latest Maturity Date;
(v) no more than ten (10) Interest Periods shall be outstanding at any time; and
(dvi) if the Borrower applicable Credit Party fails to specify an Interest Period for any Borrowing of LIBOR Rate Loans in the applicable Notice of Borrowing or Conversion/Continuation Notice, such Credit Party shall not be entitled deemed to elect any LIBOR have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone (1) month.
Appears in 2 contracts
Sources: Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) 12:00 noon on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or (x) a one, two, three three, six or, if agreed to by each Lender with Loans and/or Commitments under the relevant Class, twelve month period or six months. Notwithstanding anything (y) if elected by the Borrower, such other period not to the contrary contained above:exceed one-month; provided that (in each case):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Maturity Date for such Class of Loans. If by 12:00 noon on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loan if Loans, the Borrower has failed to elect, or 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 continue such LIBOR Loans as LIBOR Loans with an Interest Period would extend beyond of one (1) month effective as of the Revolving Credit Maturity Dateexpiration 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. This Section If any partial prepayment of LIBOR Loans made pursuant to any Borrowing shall not apply reduce the outstanding principal amount of LIBOR Loans made pursuant to Swingline Borrowingssuch Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, which 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 continuedeffect.
Appears in 2 contracts
Sources: Credit Agreement (PPL Energy Supply LLC), Credit Agreement (Talen Energy Holdings, Inc.)
Interest Periods. At the time the Borrower it gives a any Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into or continuation asinto, a Borrowing of LIBOR Eurodollar Loans prior to 10:00 a.m. (New York timein the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the expiration of an Interest Period applicable date to such a Borrowing (in the case of making or conversion or continuation of such LIBOR Loanssubsequent Interest Periods), the Borrower shall have the right to elect elect, by giving the Administrative Agent written notice of thereof, the interest period (or telephonic notice promptly confirmed in writingeach an "Interest Period") the LIBOR Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be one week or either a one, two, three or six months. Notwithstanding anything to month period, provided that: (i) all Loans comprising a Borrowing shall have the contrary contained above:
same Interest Period; (aii) the initial LIBOR Interest Period for any Borrowing of LIBOR Eurodollar Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
; (biii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Period;
month; (civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would a Borrowing of Loans shall extend beyond the Revolving Credit Maturity Date; and (vi) no Interest Period for Eurodollar Loans may be selected at any time that a Default or Event of Default then exists. This Section If prior to the expiration of any Interest Period, the Borrower has failed to elect or is prohibited from electing a new Interest Period to be applicable to such Borrowing as provided above, if such Borrowing is a Borrowing of Eurodollar Loans, the Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such Borrowing into a Borrowing of Base Rate Loans 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 Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 11:00 a.m. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or (x) a one, two, three three, six or, if approved by each Lender with Loans and/or Commitments under the relevant Class, nine or six months. Notwithstanding anything twelve month period or (y) if agreed by the Administrative Agent in its sole discretion, such other period not to the contrary contained above:exceed one-month; provided that (in each case):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Maturity Date for such Class of Loans. If by 11:00 a.m. on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loan if Loans, the Borrower has failed to elect, or 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 continue such LIBOR Loans as LIBOR Loans with an Interest Period would extend beyond of one (1) month effective as of the Revolving Credit Maturity Date. This Section 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 not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans 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 the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or 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 months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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 an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective 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 Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Markel Corp), Credit Agreement (Markel Corp)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into or continuation asinto, a Borrowing of LIBOR Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Eurodollar Loans, the Borrower it shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period to be applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six monthsmonth period. Notwithstanding anything to the contrary contained above:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Eurodollar Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(ciii) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided , PROVIDED that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(iv) no Interest Period for a Borrowing under a Facility may be elected if it would extend beyond the Maturity Date for such Facility;
(v) no Interest Period may be elected at any time when a Default or Event of Default is then in existence; and
(dvi) no Interest Period with respect to any Borrowing of Term Loans may be elected that would extend beyond any date upon which a mandatory repayment of Term Loans is required to be made under Section 3.02(i)(a) if, after giving effect to the selection of such Interest Period, the aggregate principal amount of Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date would exceed the aggregate principal amount of Term Loans permitted to be outstanding after such mandatory repayment. If upon the expiration of any Interest Period, the Borrower has failed, or is not permitted, to elect a new Interest Period to be applicable to the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall not be entitled deemed to elect any LIBOR Period in respect have elected to convert such Borrowing into a Borrowing of any LIBOR Loan if Base Rate Loans effective as of the expiration date of such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedcurrent Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Superior National Insurance Group Inc), Credit Agreement (Ceres Group Inc)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Loan, Term SOFR Loan or continuation asAlternative 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, a Borrowing of LIBOR Loans prior to 10:00 a.m. 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 date to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders and, in the contrary contained above: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 month (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided that (in each case):
(ai) 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 LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day that which 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 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 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
(dvii) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This 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, 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 Borrower giving notice thereof together with its election of one or more Interest Periods 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, 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, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate or Term SOFR, respectively, Borrower shall not apply be deemed to Swingline Borrowings, which may not have elected to convert such LIBO Rate Loans and Term SOFR Loans into Base Rate Loans with such conversion to be converted or continuedeffective 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 Concurrently with the time the Borrower gives giving of a Notice of Revolving Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into or continuation as, a any Borrowing comprised of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 relating having a duration longer than one month at any time prior to a the Syndication Completion Date;
(vii) no Interest Period may be selected for any Borrowing of LIBOR Tranche A Term Loans begins that would end after a scheduled date for repayment of principal of the Tranche A Term Loans occurring on or after the last Business Day 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 Loans that would end after a calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dx) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Chartwell Re Corp), Credit Agreement (Chartwell Re Holdings Corp)
Interest Periods. At the time the Parent Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Parent Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, Parent Borrower be one week or a one, two, three three, six or (in the case of New Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period (or such other period of less than six monthsmonths as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
(d) the no Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Final Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Hca Inc/Tn), Credit Agreement (Hca Inc/Tn)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or (x) a one, two, three or six months. Notwithstanding anything to month period or, if approved by each Lender that holds such Loans (or commitments with respect thereto), a twelve month period or (y) if agreed by the contrary contained above:Administrative Agent and each Lender that holds such Loans (or commitments with respect thereto) in its sole discretion, such other period; provided that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence (and, upon the expiration of any Interest Period then in effect, such LIBOR Loan shall be converted to a Base Rate Loan); and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing shall be selected which extends beyond the applicable Maturity Date with respect to the Loans. If by 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 LIBOR Loan if Loans, the Borrower has failed to elect, or 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 LIBOR Loans with an Interest Period would extend beyond of one month effective as of the Revolving Credit Maturity Date. This Section expiration date of such current Interest Period unless a Default or an Event of Default is then in existence, in which case, such expiring LIBOR Loans shall not apply to Swingline Borrowings, which may not be converted or continuedin to Base Rate Loans.
Appears in 1 contract
Sources: New First Lien Loan Agreement
Interest Periods. At the time In connection with each LIBOR Rate Loan, the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making ofmay, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior pursuant to the applicable date Borrowing Certificate or Notice of making or conversion or continuation of such LIBOR LoansConversion/Continuation, as the Borrower shall have the right case may be, select an interest period (each an "Interest Period") to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLIBOR Rate Loan, which LIBOR Interest Period shall, shall be at the Borrower's option of the Borrower, be one week or either a one, two, three or six months. Notwithstanding anything to the contrary contained abovemonth period; provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Rate Loan shall commence on the date Funding Date of such Borrowing (including LIBOR Rate Loan, in the case of a Revolving Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of any conversion from Conversion/Continuation, in the case of a Borrowing Revolving Loan converted to a LIBOR Rate Loan;
(ii) in the case of ABR Loans) and immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR 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 end on the last Business Day of a calendar month;
(v) there shall be no more than ten (10) Interest Periods relating to LIBOR Rate Loans outstanding at any time, unless there are Base Rate Loans outstanding, in which event there shall be no more than nine (9) Interest Periods relating to LIBOR Rate Loans outstanding at such time;
(vi) in the event the Borrower fails to specify an Interest Period applicable to a LIBOR Rate Loan in the applicable Borrowing Certificate or Notice of Conversion/Continuation, the Borrower shall be deemed to have selected an Interest Period of one month; and
(dvii) the Borrower no Interest Period shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Loan Commitment Termination Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 1 contract
Sources: Loan Agreement (Regal Cinemas Inc)
Interest Periods. At the time the Borrower gives The Interest Period for any Prime Rate Loan shall be one calendar month. If any Interest Period with respect to a Notice of Borrowing or Prime Rate Loan would end on a Notice of Continuation in respect of the making ofday that is not a Business Day, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) that Interest Period shall end on the third next succeeding Business Day prior Day. In connection with each LIBOR Rate Loan, provided no Event of Default has occurred and is continuing, Company may, pursuant to the applicable date Notice of making LIBOR Rate Borrowing or conversion or continuation Notice of such LIBOR LoansConversion/Continuation, as the Borrower shall have the right case may be, select an interest period (each an “Interest Period”) to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoan, which LIBOR Interest Period shallshall be, at the option of the BorrowerCompany’s option, be one week or either a one, two, three three, or six monthsmonth period. Notwithstanding anything With respect to the contrary contained aboveany Interest Period, as applicable:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date Funding Date of such Borrowing (including Loan, in the case of a Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of any conversion from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan;
(ii) in the case of ABR Loans) and immediately successive Interest Periods continued as such pursuant to a Notice of Conversion/Continuation, each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and;
(div) any Interest Period that begins on the Borrower 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 2.3B, end on the last Business Day of such calendar month;
(v) no Interest Period with respect to any Loan shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section ;
(vi) in the event Company fails to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall not apply be deemed to Swingline Borrowingshave selected an Interest Period of one month.
(vii) If an Event of Default has occurred and is continuing, which Agent, at Requisite Lenders option, may not be converted or continuedautomatically convert all outstanding LIBOR Rate Loans to Prime Rate Loans at the end of the applicable interest period.
Appears in 1 contract
Interest Periods. At the time the Borrower gives a the Notice of Borrowing or a any Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into or continuation as, a Borrowing of any LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansLoan, the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or (x) a one, two, three or six months. Notwithstanding anything month period, (y) to the contrary contained above:extent agreed to by all Lenders with Term Loans under the relevant Class, a twelve month period or (z) if agreed by the Administrative Agent in its discretion and each Lender with Term Loans under the relevant Class, such other period not to exceed one-month; provided, that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default has occurred and is continuing; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any Borrowing of any Class of Term Loans shall be selected which extends beyond the Maturity Date for such Class of Term Loans. If by 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 LIBOR Loan if Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Period would extend beyond Loans as provided above, the Revolving Credit Maturity Date. This Section Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans 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 Borrower gives a applicable Notice of Borrowing or a Notice of Continuation in respect of Conversion/Continuation, as the making ofcase may be, or conversion into or continuation as, a Borrowing of LIBOR Loans prior select an interest period (each an “Interest Period”) to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoan (on a pro rata basis among the Loans of each Lender funding a Loan of such Class), which LIBOR Interest Period shallshall be, at the option of the Borrower’s option, be one week either a one-, two-, three- or onesix- month period or, twoif available to all Lenders, three or six months. Notwithstanding anything to the contrary contained abovea twelve- month period; provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Rate Loan shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter Funding Date in respect of such Borrowing Loan, in the case of a Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR 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) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Term Loans shall extend beyond the applicable Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the applicable Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any 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 paid on such Term Loans on such date;
(vii) there shall be no more than six (6) Interest Periods outstanding at any time; and
(dviii) in the event Borrower fails to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall not be entitled deemed to elect any LIBOR have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone month.
Appears in 1 contract
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Term SOFR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.3(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be a one week or one, two, three or six monthsmonth period. Notwithstanding anything to the contrary contained above:
: (a) the initial LIBOR Interest Period for any Borrowing of LIBOR Term SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
; (b) if any LIBOR Interest Period relating to a Borrowing of LIBOR Term 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
; (c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Term SOFR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and
and (d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR Term SOFR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Loan, Company may, pursuant to the time the Borrower gives a applicable Notice of Borrowing or a Notice of Continuation in respect of Conversion/Continuation, as the making ofcase may be, or conversion into or continuation as, a Borrowing of LIBOR Loans prior select an interest period (each an “Interest Period”) to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoan, which LIBOR Interest Period shallshall be, at the option of the BorrowerCompany’s option, be one week or either a one, two, two or three or six months. Notwithstanding anything to the contrary contained abovemonth period; provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter Funding Date in respect of such Borrowing Loan, in the case of a Loan initially made as a LIBOR Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR 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) of this Section 2.2(b), end on the last Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Term Loans, unless the sum of (a) the aggregate principal amount of the Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of the Term Loans that are LIBOR Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on the Term Loans on such date;
(vii) there shall be no more than four Interest Periods outstanding at any time; and
(dviii) in the Borrower shall not be entitled event Company fails to elect any LIBOR specify an Interest Period in respect of for any LIBOR Loan if such LIBOR in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedof one month.
Appears in 1 contract
Sources: Credit Agreement (Grande Communications Holdings, Inc.)
Interest Periods. At the time the Borrower Parent gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower Parent shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Parent be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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 an Event of Default is then in existence; and
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Parent 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 Parent 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, Parent has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, Parent shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation Conversion in respect of the making of, or conversion into or continuation asinto, a Borrowing of LIBOR Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 a.m. 1:00 P.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Eurodollar Loans, the Borrower it shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six monthsmonth period. Notwithstanding anything to the contrary contained above:
(ai) all Eurodollar Loans comprising a Borrowing shall have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Eurodollar Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided , provided, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day;
(v) no Interest Period for a Borrowing under a Facility may be elected if it would extend beyond the respective Maturity Date for such Facility;
(vi) no Interest Period may be elected at any time when a Default or an Event of Default is then in existence unless the Required Banks otherwise agree; and
(dvii) no Interest Period with respect to any Borrowing of Term Loans shall extend beyond any date upon which a mandatory prepayment of such Term Loans is required to be made under Section 4.02(A)(b) if, after giving effect to the selection of such Interest Period, the aggregate principal amount of such Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date of mandatory repayment would exceed the aggregate principal amount of such Term Loans permitted to be outstanding after such mandatory prepayment. If upon the expiration of any Interest Period, the Borrower has failed to elect, or is not permitted to elect by virtue of the application of clause (vi) above, a new Interest Period to be applicable to the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall not be entitled deemed to elect any LIBOR Period in respect have elected to convert such Borrowing into a Borrowing of any LIBOR Loan if Base Rate Loans effective as of the expiration date of such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedcurrent Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Labtec Inc /Ma)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing under a given Tranche or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained above:(or if agreed by all Lenders, twelve) month period; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Term Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the 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 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 Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time the Borrower gives a any Notice of Borrowing under a given Tranche or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained above:month period (or if agreed by all Lenders, twelve months or any period of time shorter than one month); provided that (in each case):
(ai) all LIBO Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans LIBO Rate Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Loan (including including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of ABR Base Rate Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or LIBO Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Loan would otherwise expire on a day that which 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 preceding Business Day; and;
(dv) unless the Borrower shall not Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan may be entitled to elect selected at any LIBOR time when an Event of Default is then in existence;
(vi) no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor; and
(vii) if the Borrower wishes to request a LIBO Rate Loan having an Interest Period of twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. This Section Not later than three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not apply the requested Interest Period has been consented to Swingline Borrowings, which may not be converted or continuedby all the Lenders.
Appears in 1 contract
Sources: Credit Agreement
Interest Periods. At Concurrently with the time the Borrower gives a giving of any Notice of Committed Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into or continuation as, a any Borrowing comprised of LIBOR Committed Loans prior to 10:00 a.m. (New York time) on and concurrently with the third Business Day prior to the applicable date giving of making or conversion or continuation a Bid Request in respect of such LIBOR any requested Bid Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLoans, which Interest Period, (x) in the case of any LIBOR Period shall, Committed Loan and at the option of the Borrower, shall be one week or a one, two, three or six months. Notwithstanding anything (subject to availability for all Lenders) month period, (y) in the contrary contained abovecase of any LIBOR Bid Loan and as agreed to by the Borrower and the Lender making such LIBOR Bid Loan, shall be a one, two, three or six month period, or (z) in the case of any Absolute Rate Loan and as agreed to by the Borrower and the Lender making such Absolute Rate Loan, shall be a period of not less than seven (7) nor more than one hundred eighty (180) days; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day following the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) the Borrower may not select any Interest Period that expires after the Maturity Date;
(iv) if any LIBOR Interest Period relating to would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvi) if, upon the expiration of any Interest Period applicable to Committed LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable thereto.
Appears in 1 contract
Sources: Loan Agreement (American Oncology Resources Inc /De/)
Interest Periods. At the time the (a) The Borrower gives a shall, in each Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation asof a Eurodollar Loan, a Borrowing of LIBOR Loans prior to 10:00 a.m. select the interest period (New York timeeach an "Interest Period") on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such BorrowingEurodollar Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or either a one-month, two-month, three three-month or six months. Notwithstanding anything to the contrary contained abovesix-month period, provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Eurodollar Loan shall commence on the date of the making of such Borrowing Loan (including the date of any conversion from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Loan shall commence on the day date on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided , provided, however, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and;
(diii) if any Interest Period begins on a day for which there is no numerically corresponding day in the Borrower calendar month at the end of such Interest Period, such Interest Period shall not be entitled to elect any LIBOR end on the last Business Day of such calendar month;
(iv) no Interest Period in respect of any LIBOR Revolving Loan, Tranche A Loan if such LIBOR Period would or Tranche B Loan shall extend beyond the Revolving Credit Loan Maturity Date. This , the Tranche A Loan Maturity Date or the Tranche B Loan Maturity Date, as applicable; and
(v) no Interest Period in respect of a Tranche A Loan or Tranche B Loan shall extend beyond any date upon which a repayment of such Loan is required to be made pursuant to Section 2.1 or Section 2.2, as the case may be, unless the aggregate principal amount of Tranche A Loans and Tranche B Loans which are Base Rate Loans or which have Interest Periods which will expire on or before such date is equal to or in excess of the amount of the repayment of such loans required to be made on such date.
(b) If upon the expiration of any Interest Period, the Borrower has failed to elect a new Interest Period to be applicable to the respective Eurodollar Loan as provided above, the Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such Eurodollar Loans into Base Rate Loans 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, Company may, pursuant to the time the Borrower gives a applicable Notice of Borrowing or a Notice of Continuation in respect of Conversion/Continuation, as the making ofcase may be, or conversion into or continuation as, a Borrowing of LIBOR Loans prior select an interest period (each an "INTEREST PERIOD") to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingLoan, which LIBOR Interest Period shallshall be, at the option of the BorrowerCompany's option, be one week or either a one, two, three or three, six months. Notwithstanding anything or, subject to the contrary contained aboveavailability for all Lenders, nine month period; PROVIDED that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Rate Loan shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter Funding Date in respect of such Borrowing Loan, in the case of a Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that PROVIDED that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR 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) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Commitment Termination Date;
(vi) 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;
(vii) there shall be no more than four (4) Interest Periods outstanding at any time; and
(dviii) in the Borrower shall not be entitled event Company fails to elect specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone month.
Appears in 1 contract
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBORSOFR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBORSOFR Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBORSOFR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, twotwo (only until December 31, three 2021), three, six or, if approved by each Lender with Term Loans and/or Term Loan Commitments under the relevant Tranche, twelve month period or six months. Notwithstanding anything to the contrary contained above:
any shorter period, provided that (in each case): (a) all LIBORSOFR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans LIBORSOFR Loan shall commence on the date of Borrowing of such Borrowing LIBORSOFR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBORSOFR Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
; (bc) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or LIBORSOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Period;
month; (cd) if any LIBOR Interest Period for a LIBORSOFR Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBORSOFR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(de) upon notice to the Borrower shall not from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during the continuance of any Significant Event of Default, no Interest Period may be entitled to elect any LIBOR selected; and (f) no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate for such Tranche of Loans. This Section If by 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 LIBORSOFR Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBORSOFR Loans as provided above, the Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to continue such LIBORSOFR Loans as LIBORSOFR Loans with 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 Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) LIBOR Loans may not be outstanding under more than eight 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) [reserved];
(vi) the Borrower may not select any Interest Period that expires after the Revolving Credit Maturity 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dviii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
Appears in 1 contract
Interest Periods. At the time the Borrower gives By delivering a Notice of Borrowing or a Notice of Continuation Request in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans, Cost of Funds Rate Dollar Loans, EURIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date or Cost of making or conversion or continuation of such LIBOR Funds Rate Euro Loans, the Borrower shall be deemed to have elected an initial Interest Period commencing on the right to elect date of the related Borrowing and ending on the last calendar day of the month of such Borrowing (unless otherwise agreed in writing by giving the Borrower and the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such BorrowingAgent, which LIBOR Period shall, at the option on behalf of the BorrowerLenders). If the Borrower does not prepay or repay a Revolving Loan by the end of an Interest Period, the Borrower shall be deemed to have elected to continue such Revolving Loan for an additional Interest Period of one week or onemonth (unless otherwise agreed in writing by the Borrower and the Administrative Agent, two, three or six monthson behalf of the Lenders). Notwithstanding anything to the contrary contained above:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans, Cost of Funds Rate Dollar Loans, EURIBOR Loans or Cost of Funds Rate Euro Loans shall commence on the date of such Borrowing (including the date of and any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) there shall be no more than ten (10) separate Interest Periods permitted with respect to all Revolving Loans;
(iii) if any LIBOR Interest Period relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and
(dv) the Borrower no Interest Period shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Commitment Termination Date (and, if the Commitment Termination Date shall be the Extension Date. This , no Interest Period with respect to a Loan made by a Withdrawing Lender that has not assigned such Loan pursuant to Section 2.3.4 shall not apply to Swingline Borrowings, which may not be converted or continuedextend beyond the Scheduled Commitment Termination Date).
Appears in 1 contract
Sources: Credit Agreement (Tennenbaum Opportunities Partners V, LP)
Interest Periods. At the time the CKE SIXTH AMENDED AND RESTATED CREDIT AGREEMENT
(a) The Borrower gives a shall, in each Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation asof a Eurodollar Loan, a Borrowing of LIBOR Loans prior to 10:00 a.m. select the interest period (New York timeeach an "INTEREST PERIOD") on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such BorrowingEurodollar Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or either a one-month, two-month, three three-month or six months. Notwithstanding anything to the contrary contained abovesix-month period, PROVIDED that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Eurodollar Loan shall commence on the date of the making of such Borrowing Loan (including the date of any conversion from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing Loan shall commence on the day date on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided , PROVIDED, HOWEVER, that if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which 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 preceding Business Day; and;
(diii) if any Interest Period begins on a day for which there is no numerically corresponding day in the Borrower calendar month at the end of such Interest Period, such Interest Period shall not be entitled to elect any LIBOR end on the last Business Day of such calendar month;
(iv) no Interest Period in respect of any LIBOR Revolving Loan if such LIBOR Period would or any Term Loan shall extend beyond the Revolving Credit Loan Maturity Date or the Term Loan Maturity Date, as the case may be; and
(v) no Interest Period in respect of a Term Loan shall extend beyond any date upon which a repayment of the Term Loans is required to be made pursuant to Section 2.1 unless the aggregate principal amount of Term Loans which are Base Rate Loans or which have Interest Periods which will expire on or before such date is equal to or in excess of the amount of the Term Loan repayment required to be made on such date. This Section CKE SIXTH AMENDED AND RESTATED CREDIT AGREEMENT
(vi) If upon the expiration of any Interest Period, the Borrower has failed to elect a new Interest Period to be applicable to the respective Eurodollar Loan as provided above, the Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, twotwo or three-month period; provided, three or six months. Notwithstanding anything to the contrary contained abovehowever, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 1 contract
Sources: Credit Agreement (Orthalliance Inc)
Interest Periods. At the time the Borrower gives a the Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week two weeks or one, two, three or six months. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Period expires;
(b) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
Appears in 1 contract
Interest Periods. (a) At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto), or prior to 10:00 a.m. A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable date to a Borrowing of making or conversion or continuation of such LIBOR Loans, the Borrower it shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Interest Period applicable to such initial or preceding Borrowing, which LIBOR Interest Period shall, at shall be for the option time period set forth in the definition of the Borrower, be one week or one, two, three or six months"Interest Period" in subsection 1.1. Notwithstanding anything to the contrary contained aboveabove or elsewhere in this Agreement:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Interest Period (other than any Interest Period of less than three months) relating to a 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(ciii) if any Interest Period relating to a Borrowing of LIBOR Period Loans would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period of three months or six months shall expire on the next succeeding Business Day; , provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan would otherwise expire on a day that which is not a Business Day 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 preceding Business Day;
(iv) no LIBOR Loan may be continued as such (X) when any Event of Default has occurred and is continuing and the Required Lenders have determined that such a continuation is not appropriate, or (Y) after the date that is three months prior to the Term Loan Maturity Date (in the case of continuations of Term Loans) or the Revolving Credit Loan Maturity Date (in the case of continuations of Revolving Credit Loans);
(v) any Interest Period relating to a Borrowing of LIBOR Loans that would otherwise extend beyond the Tender Offer Maturity Date (in the case of a Borrowing of Tender Offer Loans) or the Term Loan Maturity Date (in the case of a Borrowing of Term Loans) or the Revolving Credit Loan Maturity Date (in the case of a Borrowing of Revolving Credit Loans) or beyond the date that final payment is due, thereon, shall end on such dates; and
(dvi) with respect to the expiration of any Interest Period or a Borrowing expiring on or prior to the Tender Offer Maturity Date, the Borrower shall may elect the Interest Period to apply at the expiration of the then current Interest Period for such Borrowing by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) not be entitled less than twenty-four (24) hours prior to the expiration of the then current Interest Period for such Borrowing.
(b) If upon the expiration of any Interest Period, the Borrower has failed to elect any a new Interest Period to be applicable to the respective Borrowing of LIBOR Period in respect Loans as provided above, such Borrowing shall be deemed converted into a Borrowing of any LIBOR Loan if ABR Loans effective as of the expiration date of such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedcurrent Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Tefron LTD)
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/ Continuation in respect of the making ofany Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loanswithin a single Tranche, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to each such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovemonth period; provided, however, that:
(ai) all LIBOR Loans within a single Tranche shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the continuation of, or conversion into, such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) LIBOR Loan, and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last 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 Closing Date or that expires after the Maturity Date;
(vi) no Interest Period may be selected that would end after a scheduled date for repayment of a calendar month 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 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cviii) if if, upon the expiration of any Interest Period applicable to any Tranche of LIBOR Loans, the Borrower shall have failed to elect a new Interest Period would otherwise expire on a day that is not a Business Day, to be applicable to such LIBOR Period Loans, then the Borrower shall expire on the next succeeding Business Day; provided that if any be deemed to have elected to convert such LIBOR Period in respect of a LIBOR Loan would otherwise expire on a day that is not a Business Day but is a day Loans into Base Rate Loans as of the month after which no further Business Day occurs in such month, such LIBOR expiration of the then current Interest Period shall expire on the next preceding Business Dayapplicable thereto; and
(dix) LIBOR Loans of six-month Interest Periods shall be available to the Borrower shall not be entitled only if corresponding Dollar deposits in the London interbank Eurodollar market are available to elect any LIBOR Period in respect each Lender as of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted date of the proposed conversion or continuedcontinuation.
Appears in 1 contract
Sources: Credit Agreement (Front Royal Inc)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of In connection with each LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansRate Loan, the Borrower shall have the right to elect Borrower, by giving notice at the Administrative Agent written notice of times described in SECTION 2.3 or 5.2, as applicable, shall elect an interest period (or telephonic notice promptly confirmed in writingeach, an "INTEREST PERIOD") the LIBOR Period to be applicable to such BorrowingLoan, which LIBOR Interest Period shallshall be a period of one (1), at the option of the Borrower, be one week or one, twotwo (2), three (3), or six (6) months. Notwithstanding anything to the contrary contained above; PROVIDED that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including advance of or conversion to any LIBOR Rate Loan and, in the date case of any conversion from a Borrowing of ABR Loans) and immediately successive Interest Periods, each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day date on which the next immediately preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, that if any LIBOR Interest Period in with respect of to a LIBOR Rate Loan 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 such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day; and;
(diii) any Interest Period with respect to a LIBOR Rate Loan that begins on the Borrower 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 not be entitled to elect any LIBOR end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period in respect of any LIBOR Loan if such LIBOR Period would shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date. This , as applicable, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the quarterly principal installment payments pursuant to Section 4.3 without payment of any amounts pursuant to Section 5.9; and
(v) there shall not apply to Swingline Borrowings, which may not be converted or continuedno more than ten (10) Interest Periods in effect at any time.
Appears in 1 contract
Sources: Credit Agreement (Restaurant Co)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the contrary contained above:Administrative Agent a period less than one month; provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Loans) Base Rate Term Loans and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the 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 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 Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Term Loan Credit Agreement
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New 11:00 a.m.(New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date to such LIBO Rate Term Loan (in the case of making or conversion or continuation of such LIBOR Loansany subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBO Rate Term Loan, which LIBOR Interest Period shall, at the option of the Borrower, Borrower be one week or a one, two, three or six months. Notwithstanding anything month period (or twelve months if agreed to the contrary contained above:by all applicable Lenders); provided that (in each case):
(ai) 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 Borrowing of LIBOR Loans LIBO Rate Term Loan shall commence on the date of Borrowing of such Borrowing LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of ABR Loans) Base Rate Term Loans and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBO Rate Term Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) if any LIBOR Interest Period relating to for a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(civ) if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR LIBO Rate Term Loan would otherwise expire on a day that which 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 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
(dvi) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Credit Maturity DateDate therefor. This With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the 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 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 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 Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Borrower shall not apply be deemed to Swingline Borrowingshave elected in the case of LIBO Rate Term Loans, which may not to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be converted or continuedeffective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Term Loan Credit Agreement (Performance Sports Group Ltd.)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR SOFR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loansin accordance with Section 2.6(a), the Borrower shall have the right to elect by giving give the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) of the LIBOR Interest Period applicable to such Borrowing, which LIBOR Interest Period shall, at the option of the BorrowerBorrower be a one-, be one week three- or one, two, three or six monthssix-month period. Notwithstanding anything to the contrary contained above:
(a) the initial LIBOR Interest Period for any Borrowing of LIBOR SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if any LIBOR Interest Period relating to a Borrowing of LIBOR 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 LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the calendar month at the end of such LIBOR Interest Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR SOFR Loan would otherwise expire on a day 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 LIBOR Interest Period shall expire on the next preceding Business Day; and;
(d) the Borrower shall not be entitled to elect any LIBOR Interest Period in respect of any LIBOR SOFR Loan if such LIBOR Interest Period would extend beyond the Revolving Credit Maturity Date. This ; and
(e) if any Available Tenor has been made unavailable pursuant to Section shall not apply to Swingline Borrowings2.18(d), which then such tenor may not be converted elected on such Notice of Borrowing or continuedNotice of Conversion or Continuation.
Appears in 1 contract
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the applicable Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the BorrowerBorrowers, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) LIBOR Loans may not be outstanding under more than eight 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrowers may not select any Interest Period 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which Borrowers may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
Appears in 1 contract
Interest Periods. At Concurrently with the time the Borrower gives giving of a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion into or continuation LIBOR Loans to be continued as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower Borrowers shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the BorrowerBorrowers, be one week or a one, two, three or six months. Notwithstanding anything to the contrary contained abovesix-month period; provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing LIBOR Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) 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 LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrowers may not select any Interest Period that expires after the Revolving Credit 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvii) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which Borrowers may not select any Interest Period (and consequently, no LIBOR Loans shall be converted made) if a Default or continuedEvent 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.
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Interest Periods. At Concurrently with the time the Borrower gives a giving of any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into or continuation as, a any Borrowing comprised of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by giving elect, pursuant to such notice, the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Loans, which LIBOR Interest Period shall, at the option of the Borrower, be one week or a one, two, three or six months. Notwithstanding anything six-month period (subject to the contrary contained aboveavailability); provided, however, that:
(ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of the Borrowing of such Borrowing Loan (including the date of any continuation of, or conversion from a Borrowing of ABR Loans) into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Period occurring thereafter in respect of such Borrowing Loan shall commence on the day on which the next preceding LIBOR Interest Period applicable thereto expires;
(biii) the Borrower may not select any Interest Period that expires after the Revolving Credit/Term Facility Maturity Date, with respect to Revolving Credit/Term Loans that are to be maintained as LIBOR Loans;
(iv) if any LIBOR Interest Period relating to otherwise would expire on a Borrowing of LIBOR Loans begins day that is not a Business Day, such Interest Period shall expire on the last next succeeding Business Day of a unless such next succeeding Business Day falls in another calendar month or month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) 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 LIBOR PeriodInterest Period would otherwise expire, such LIBOR Interest Period shall end expire on the last Business Day of the such calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan 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 such month, such LIBOR Period shall expire on the next preceding Business Day; and
(dvi) if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Borrower shall not be entitled have failed to elect any LIBOR a new Interest Period in respect of any LIBOR Loan if to be applicable to such LIBOR Loans, then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans as of the expiration of the then current Interest Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedapplicable thereto.
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Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of In connection with each LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansRate Loan, the Borrower shall have the right to elect Borrower, by giving notice at the Administrative Agent written notice of times described in Section 5.1(a), shall elect an interest period (or telephonic notice promptly confirmed in writingeach, an "Interest Period") the LIBOR Period to be applicable to such BorrowingLIBOR Rate Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option of the Borrower, be one week or one, twotwo (2), three (3), or six (6) months. Notwithstanding anything to the contrary contained above; PROVIDED that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including advance of or conversion to any LIBOR Rate Loan and, in the date case of any conversion from a Borrowing of ABR Loans) and immediately successive Interest Periods, each LIBOR successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the day date on which the next preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided PROVIDED, that if any LIBOR Interest Period in with respect of to a LIBOR Rate Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day; and;
(diii) any Interest Period with respect to a LIBOR Rate Loan that begins on the Borrower 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 not be entitled to elect any LIBOR end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period in respect of any LIBOR Loan if such LIBOR Period would shall extend beyond the Revolving Credit Termination Date or the Term Loan Maturity Date. This , as applicable, and no Interest Periods shall be selected by the Borrower which would result in the repayment of any LIBOR Rate Loan as a result of any repayment required pursuant to Section 4.3 prior to the end of an Interest Period; and
(v) there shall not apply to Swingline Borrowings, which may not be converted or continuedno more than eight (8) Interest Periods outstanding at any time.
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Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of the making ofIn connection with each LIBOR Rate Loan, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right interest period (each an "INTEREST PERIOD") to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, Loan shall be one week or a one, two, three or six months. Notwithstanding anything to month period, as selected by the contrary contained above:Borrower in the applicable Notice of Borrowing or Conversion/Continuation Notice; provided that
(ai) in the initial LIBOR case of immediately successive Interest Periods applicable to a Loan, each successive Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next immediately preceding LIBOR Interest Period expires;
(bii) if any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR an Interest Period would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 LIBOR Interest Period shall expire on the next immediately preceding Business Day;
(iii) 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 (iv) of this Section 2.2B, end on the last Business Day of a calendar month;
(iv) no Interest Period with respect to any portion of the Loans shall extend beyond the scheduled Maturity Date;
(v) there shall be no more than three (3) Interest Periods outstanding at any time; and
(dvi) in the event the Borrower fails to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Conversion/Continuation Notice, the Borrower shall not be entitled deemed to elect any LIBOR have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone month.
Appears in 1 contract
Sources: Credit Agreement (Assurant Inc)
Interest Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Continuation in respect of In connection with the making or continuation of, or conversion into or continuation asinto, a each Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR LoansAdvances, the Borrower shall have the right select an interest period (each an “Interest Period”) to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period be applicable to such BorrowingAdvances, which Interest Period shall in the case of LIBOR Period shall, at the option of the Borrower, Advances be one week or either a one, two, three or or, if agreed to by all Lenders at such time, six months. Notwithstanding anything to the contrary contained abovemonth period; provided that:
(a) the The initial LIBOR Interest Period for any Borrowing consisting of LIBOR Loans any such Advance shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing consisting of ABR Loansan Advance of another Type) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding LIBOR Interest Period expires;
(b) if If any LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Interest Period would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; , provided that if any LIBOR Interest Period in respect of a LIBOR Loan Advance 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day;
(c) Any Interest Period in respect of a LIBOR Advance 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;
(d) No Interest Period shall extend beyond any date upon which any prepayment is required to be made in the Domestic Revolving Loans, 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 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;
(e) The Interest Period for a LIBOR Advance which is converted pursuant to Section 4.09(b) shall commence on the date of such conversion and shall expire on the date on which the Interest Periods 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
(dg) the Borrower shall not be entitled to elect No more than eight LIBOR Advances with different Interest Periods may exist at any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowings, which may not be converted or continuedone time.
Appears in 1 contract
Sources: Credit Agreement (Interface Inc)
Interest Periods. At the time the Borrower gives a any Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion into into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable date of making or conversion or continuation of to such LIBOR LoansLoan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice of interest period (or telephonic notice promptly confirmed in writingeach, an “Interest Period”) the LIBOR Period applicable to such BorrowingLIBOR Loan, which LIBOR Interest Period shall, at the option of the Borrower, be (x) a one week or one(1), twotwo (2), three (3) or six months. Notwithstanding anything (6) month period, (y) to the contrary contained above:extent agreed to by all Lenders, a nine (9) or 12 month period or (z) to the extent agreed to by all Lenders and the Administrative Agent in their sole discretion, such other period of less than one month; provided that (in each case):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(b) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Loan shall commence on the date of Borrowing of such Borrowing LIBOR Loan (including the date of any conversion thereto from a Borrowing of ABR LoansBase Rate Loan) and each LIBOR Interest Period occurring thereafter in respect of such Borrowing LIBOR Loan shall commence on the day on which the next immediately preceding LIBOR Interest Period applicable thereto expires;
(bc) if any Interest Period for a LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of the such calendar month at the end of such LIBOR Periodmonth;
(cd) if any Interest Period for a LIBOR Period Loan would otherwise expire on a day that which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided provided, however, that if any LIBOR Interest Period in respect of for a LIBOR Loan would otherwise expire on a day that which 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;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and
(df) the Borrower shall not be entitled to elect any LIBOR no Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend Borrowing shall be selected which extends beyond the Revolving Credit Final Maturity Date. This Section If by 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 LIBOR Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall not apply be deemed to Swingline Borrowings, which may not be converted or continuedhave elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
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Interest Periods. At In connection with each LIBOR Rate Loan and BA Loan, Borrower may, pursuant to the time the Borrower gives a applicable Notice of Borrowing or a Notice of Continuation Conversion/Continuation, as the case may be, select an interest period (each an "Interest Period") to be applicable to such Loan, which Interest Period shall be, at Borrower’s option, (a) in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans prior to 10:00 a.m. (New York time) on the third Business Day prior to the applicable date of making or conversion or continuation of such LIBOR Rate Loans, the Borrower shall have the right to elect by giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or either a one, two, three or six months. Notwithstanding anything month period (or a nine or twelve month period if, at the time of the relevant LIBOR Rate Loan, all Lenders participating therein agree to the contrary contained abovemake an interest period of such duration available) and (b) in respect of BA Loans, either a one, two, three or six month period (in each case subject to availability); provided that:
(ai) the initial LIBOR Interest Period for any Borrowing of LIBOR Loans Rate Loan or BA Loan shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter Funding Date in respect of such Borrowing Loan, in the case of a Loan initially made as a LIBOR Rate Loan or BA Loan, as applicable, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan or BA Loan, as applicable;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan or BA Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding LIBOR Interest Period expires;
(biii) if any an Interest Period for a LIBOR Period relating to a 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 LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period Rate Loan would otherwise expire on a day that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that that, if any LIBOR Interest Period in respect of a LIBOR Loan 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 such month, such LIBOR Interest Period shall expire on the next preceding Business Day;
(iv) no BA Loan shall mature on a day which is not a Business Day and if any Interest Period for a 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 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 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; and
(dxi) in the event Borrower fails to specify an Interest Period for any LIBOR Rate Loan or BA Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall not be entitled deemed to elect any LIBOR have selected an Interest Period in respect of any LIBOR Loan if such LIBOR Period would extend beyond the Revolving Credit Maturity Date. This Section shall not apply to Swingline Borrowingsone month or 30 days, which may not be converted or continuedas applicable.
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