Common use of Notices From Lenders Clause in Contracts

Notices From Lenders. That Optional Currencies Are ------------------------------------------------- Unavailable to Fund Renewals of the LIBOR Loans. If the Borrowers ----------------------------------------------- deliver a Conversion Notice requesting that the Lenders renew LIBOR Loans denominated in an Optional Currency, the Lenders shall be under no obligation to renew such LIBOR Loans if the Agent determines in its own good faith discretion by 5:00 p.m. (St. Louis time) four (4) Business Days prior to effective date of such renewal that the Optional Currency requested by the Borrowers is not available to fund Revolving Credit Loans in such Optional Currency. In the event the Agent makes such determination pursuant to the preceding sentence, the Agent will notify the Borrowers no later than 10:00 a.m. (St. Louis time) three (3) Business Days prior to the renewal date that the renewal of such Revolving Credit Loans in such Optional Currency is not then available, and the Agent shall promptly thereafter notify the Lenders of the same. If the Agent shall have so notified the Borrowers that any such continuation of Optional Currency Loans is not then available, any notice of renewal with respect thereto shall be deemed withdrawn, and such Optional Currency Loans shall be redenominated into Prime Loans in Dollars with effect from the last day of the Interest Period with respect to any such Optional Currency Loans. The Agent will promptly notify the Borrowers and the Lenders of such redenomination, and in such notice, the Agent will state the aggregate Dollar Equivalent amount of the redenominated Optional Currency Loans as of the Computation Date with respect thereto and such Lender's Pro-Rata Share.

Appears in 2 contracts

Samples: Credit Agreement (Zoltek Companies Inc), Credit Agreement (Zoltek Companies Inc)

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Notices From Lenders. That Optional Currencies Are ------------------------------------------------- Unavailable to Fund Renewals of the LIBOR LoansLoan Euro-Rate Option. If the Borrowers ----------------------------------------------- deliver a Conversion Notice Borrower delivers a Loan Request requesting that the Lenders renew LIBOR the Euro-Rate Option with respect to an outstanding Borrowing Tranche of Revolving Credit Loans denominated in an Optional Currency, the Lenders shall be under no obligation to renew such LIBOR Loans Euro-Rate Option if any Lender delivers to the Agent determines in its own good faith discretion a notice by 5:00 p.m. (St. Louis Eastern time) four (4) Business Days prior to effective date of such renewal that the Optional Currency requested by the Borrowers is such Lender cannot available continue to fund provide Revolving Credit Loans in such Optional Currency. In the event the Agent makes such determination timely receives a notice from a Lender pursuant to the preceding sentence, the Agent will notify the Borrowers such Borrower no later than 10:00 a.m. 12:00 Noon (St. Louis Eastern time) three (3) Business Days prior to the renewal date that the renewal of such Revolving Credit Loans in such Optional Currency is not then available, and the Agent shall promptly thereafter notify the Lenders of the same. If the Agent shall have so notified the Borrowers such Borrower that any such continuation of Optional Currency Loans is not then available, any notice of renewal with respect thereto shall be deemed withdrawn, and such Optional Currency Loans shall be redenominated into Prime Base Rate Loans in Dollars with effect from the last day of the Interest Period with respect to any such Optional Currency Loans. The Agent will promptly notify the Borrowers such Borrower and the Lenders of any such redenomination, and in such notice, the Agent will state the aggregate Dollar Equivalent amount of the redenominated Optional Currency Loans as of the Computation Date with respect thereto and such Lender's Pro-Rata ShareRatable Share thereof.

Appears in 1 contract

Samples: Credit Agreement (Brady Corp)

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Notices From Lenders. That Optional Currencies Are ------------------------------------------------- Unavailable to Fund Renewals of the LIBOR LoansEuro-Rate Option. If the Borrowers ----------------------------------------------- deliver a Conversion Notice Borrower delivers a Revolving Credit Loan Request requesting that the Lenders renew LIBOR the Euro-Rate Option with respect to an outstanding Borrowing Tranche of Revolving Credit Loans denominated in an Optional CurrencyCurrency other than Canadian Dollars, the Lenders shall be under no obligation to renew such LIBOR Loans Euro-Rate Option if any Lender delivers to the Administrative Agent determines in its own good faith discretion a notice by 5:00 p.m. (St. Louis time) four (4) Business Days prior to the effective date of such renewal that the Optional Currency requested by the Borrowers is such Lender cannot available continue to fund provide Revolving Credit Loans in such Optional Currency. In the event the Administrative Agent makes such determination timely receives a notice from a Lender pursuant to the preceding sentence, the Administrative Agent will notify the Borrowers applicable Borrower no later than 10:00 a.m. (St. Louis time) 12:00 noon three (3) Business Days prior to the renewal date that the renewal of such Revolving Credit Loans in such Optional Currency is not then available, and the Administrative Agent shall promptly thereafter notify the Lenders of the same. If the Administrative Agent shall have so notified the Borrowers a Borrower that any such continuation of such Revolving Credit Loans in such Optional Currency Loans is not then available, any notice of renewal with respect thereto shall be deemed withdrawn, and such Optional Currency Loans shall be redenominated into Prime Loans in Dollars at the Base Rate Option or Euro-Rate Option, at the applicable Borrower’s option (subject, in the case of the Euro-Rate Option, to compliance with Section 2.5 [Making Revolving Credit Loans, Etc.] and Section 3.1 [Interest Rate Options]), with effect from the last day of the Interest Period with respect to any such Optional Currency Loans. The Administrative Agent will promptly notify the Borrowers applicable Borrower and the Lenders of any such redenomination, and in such notice, the Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Revolving Credit Loans in such Optional Currency Loans as of the applicable Computation Date with respect thereto and such Lender's Pro-Rata Share.’s Ratable Share thereof. 2.10.4

Appears in 1 contract

Samples: Credit Agreement (Designer Brands Inc.)

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