Interest Rate Conversion Sample Clauses

Interest Rate Conversion. The Borrower may request that, with respect to all or part of the Outstanding Loan Balance, the LIBOR-based Interest Rate be converted to a fixed interest rate or any other Interest Rate Conversion option requested by the Borrower and accepted by the Bank. CHAPTER II
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Interest Rate Conversion. Notwithstanding Section 2.3(d), (i) with respect to any Credit Extension other than the Mortgage Advance, Borrower shall have the right at any time to convert such Credit Extension from a Variable Rate Advance to a LIBOR Advance and, on the first day of any LIBOR Interest Period, to convert such Credit Extension from a LIBOR Advance to a Variable Rate Advance or to select a different LIBOR Interest Period with respect to such Credit Extension (to the extent a different LIBOR Interest Period is permitted under Section 2.3(a)), and (ii) with respect to the Mortgage Advance, Borrower shall have the right, effective as of the first day of the second Fixed Rate Interest Period, to convert the Mortgage Advance from a Fixed Rate Advance to a Variable Rate Advance or from a Variable Rate Advance to a Fixed Rate Advance, as the case may be. Any conversion of a Credit Extension or change in the LIBOR Interest Period hereunder shall be at Borrower's option and without penalty or premium. The new interest rate resulting from a converted Credit Extension or a changed LIBOR Interest Period shall be determined in accordance with Section 2.3(a). If Borrower decides to convert a Credit Extension or change a LIBOR Interest Period hereunder, Borrower will notify Bank by facsimile or telephone no later than 3:00 p.m. Pacific time, on the day the conversion or change is to occur which must be a Business Day. Each notice shall specify the date of the conversion or change, the Credit Extension to be converted or changed, and the new interest rate or new LIBOR Interest Period selected by Borrower.
Sample 1
Interest Rate Conversion. Effective on the Interest Rate Reset Date or on any anniversary thereof to and including March 1, 2007 or if such date is not a Business Day, then on the following Business Day (each, a "Reference Date"), if a Swap Termination Date shall not have occurred by such date and the Swap Rate (as defined below) for an interest rate swap with a remaining maturity (as set forth below, the "Remaining Maturity") corresponding to the applicable Reference Date is greater than or equal to the applicable reference rate (as set forth below, the "Reference Rate"), then the interest rate on all, but not less than all, of the Debentures shall be converted from the Fixed Rate to the Subsequent Floating Rate for each subsequent Interest Accrual Period (in accordance with the definition of Floating Rate Period) (the "Interest Rate Conversion"). From and after the date of the Interest Rate Conversion (the "Interest Rate Conversion Date") and for each Interest Accrual Period ending prior to the end of the Floating Rate Period which begins on such Interest Rate Conversion Date, interest on all of the Debentures shall accrue at the Subsequent Floating Rate. The Trustee shall send notice in writing of such Interest Rate Conversion to the Company one Business Day following the notification of the Trustee by the trustee of the RPM, Inc. Tiers(SM) Certificates Trust RPM 1998-1 of such Interest Rate Conversion. Reference Date Remaining Maturity Reference Rate* -------------- ------------------ --------------- March 1, 2000 8 years 7.285 percent March 1, 2001 7 years 7.023 percent March 1, 2002 6 years 7.011 percent March 1, 2003 5 years 6.852 percent March 1, 2004 4 years 6.859 percent March 1, 2005 3 years 6.809 percent March 1, 2006 2 years 6.694 percent March 1, 2007 1 year 6.500 percent * Represents semi-annual 30/360 rates.
Sample 1
Interest Rate Conversion. As soon as practicable following the Bank’s purchase of the Note, the aggregate principal amount of the Note shall, unless an Event of Default has occurred and is continuing, be converted automatically without further action from a Variable Rate LIBOR Loan to a Fixed Rate LIBOR Loan (the “Automatic Conversion”) and such Automatic Conversion shall be effective on the third London Banking Day after the Effective Date. Following the Automatic Conversion, subject to Section 2.05, the Fixed Rate LIBOR Loan shall continue as a Fixed Rate LIBOR Loan until (i) the Note is prepaid in full, (ii) the City elects to convert (each a “Variable Conversion”) all or a portion, which portion shall be in a principal amount equal to $5,000,000 or $5,000,000 and multiples of $1,000,000 in excess thereof, of the Fixed Rate LIBOR Loan to a Variable Rate LIBOR Loan or (iii) June 30, 2014. If the City elects to make a Conversion, the City shall deliver to the Bank a written notice in the form attached hereto as Exhibit C (each, a “Conversion Notice”). If the Bank receives a Conversion Notice, signed by a Person who purports to be an Authorized Representative, on or before 11:00 a.m., Pacific Standard Time, on a Business Day, the Conversion shall be effective on the third London Banking Day thereafter. Any requests by the City for a Conversion shall be irrevocable as to such portion.
Sample 1
Interest Rate Conversion. Refinance. Lender may from time to time offer other loan or interest rate products for which Borrower qualifies. Borrower acknowledges that it may not refinance or convert this Note to another loan or interest rate product with Lender unless Borrower qualifies for such loan or interest rate product and pays to Lender any fees and costs that Lender may charge for such refinance or conversion.
Sample 1
Interest Rate Conversion. As soon as practicable following the Bank’s purchase of the Note, the aggregate principal amount of the Note shall, unless an Event of Default has occurred and is continuing, be converted automatically without further action from a Variable Rate LIBOR Loan to a Fixed Rate LIBOR Loan (the “Automatic Conversion”) and such Automatic Conversion shall be effective on the third London Banking Day from and including the Effective Date. Following the Automatic Conversion, subject to Section 2.05, the Fixed Rate LIBOR Loan shall continue as a Fixed Rate LIBOR Loan until (i) the Note is prepaid in full, (ii) the City elects to convert (each a “Variable Conversion”) all or a portion, which portion shall be in a principal amount equal to $5,000,000 or $5,000,000 and multiples of $1,000,000 in excess thereof, of the Fixed Rate LIBOR Loan to a Variable Rate LIBOR Loan or
Sample 1
Interest Rate Conversion. The Borrower may request that, with respect to all or part of the Outstanding Loan Balance, the SOFR-based Interest Rate be converted to a fixed interest rate or any other Interest Rate Conversion option requested by the Borrower and accepted by the Bank.
Sample 1
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Related to Interest Rate Conversion

  • Conversion to Fixed Interest Rate The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;

  • Interest Rate Computations All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Interest Rate Adjustment The interest rate payable on the Notes shall be subject to adjustments from time to time if either Xxxxx’x Investors Service, Inc., or any successor thereto (“Moody’s”) or Standard & Poor’s Ratings Services, a division of XxXxxx-Xxxx, Inc., or any successor thereto (“S&P”) downgrades (or subsequently upgrades) the debt rating assigned to the Notes, as set forth below. If the rating from Moody’s of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the interest rate payable on the Notes on the date of their issuance (the “Original Interest Rate”) by the percentage set forth opposite that rating: Rating Percentage Ba1 0.25 % Ba2 0.50 % Ba3 0.75 % B1 or below 1.00 % If the rating from S&P of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the Original Interest Rate by the percentage set forth opposite that rating: Rating Percentage BB+ 0.25 % BB 0.50 % BB- 0.75 % B+ or below 1.00 % Notwithstanding the foregoing, if at any time the interest rate on the Notes has been adjusted upward and either Moody’s or S&P, as the case may be, subsequently increases its rating of the Notes to any of the threshold ratings set forth in the tables above, the interest rate on the Notes shall be decreased such that the interest rate for the Notes equals the Original Interest Rate plus the percentages set forth opposite the ratings from the tables above in effect immediately following the increase. If Moody’s subsequently increases its rating of the Notes to Baa3 or higher and S&P increases its rating to BBB- or higher the interest rate on the Notes shall be decreased to the Original Interest Rate. Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P, shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for the Notes be reduced to below the Original Interest Rate or (2) the total increase in the interest rate on the Notes exceed 2.00% above the Original Interest Rate. If either Moody’s or S&P ceases to provide a rating of the Notes, any subsequent increase or decrease in the interest rate of the Notes necessitated by a reduction or increase in the rating by the agency continuing to provide the rating shall be twice the percentage set forth in the applicable table above. No adjustments in the interest rate of the Notes shall be made solely as a result of either Moody’s or S&P ceasing to provide a rating. If both Moody’s and S&P cease to provide a rating of the Notes, the interest rate on the Notes shall increase to, or remain at, as the case may be, 2.00% above the Original Interest Rate. Any interest rate increase or decrease described above shall take effect from the first day of the interest period during which a rating change requires an adjustment in the interest rate. The interest rate on the Notes shall permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either or both rating agencies) and, if applicable, shall be decreased to the Original Interest Rate, if the Notes become rated Baa2 and BBB or higher by Moody’s and S&P, respectively (or one of these ratings if only rated by one rating agency), with a stable or positive outlook by each of the rating agencies.

  • Conversion Date The “Conversion Date” is a Switch or frame conversion planned day of cut-over to the replacement frame(s) or Switch. The actual conversion time typically is set for midnight of the Conversion Date. This may cause the actual Conversion Date to migrate into the early hours of the day after the planned Conversion Date.

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

  • Alternate Rate of Interest If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  • Adjustment of Conversion Price The Conversion Price shall be subject to adjustment from time to time as follows:

  • Interest Rate Protection No later than the 90th day after the Closing Date, the Borrower shall enter into, and for a minimum of three years thereafter maintain, Hedging Agreements acceptable to the Administrative Agent that result in at least 50% of the aggregate principal amount of its funded long-term Indebtedness being effectively subject to a fixed or maximum interest rate acceptable to the Administrative Agent.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

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