RATE CONVERSION AND RATE CONTINUATION Sample Clauses
The "Rate Conversion and Rate Continuation" clause defines how interest rates or pricing terms on a financial agreement may be changed or maintained over time. Typically, this clause outlines the procedures for switching from one benchmark rate to another, such as when a reference rate becomes unavailable, or for extending the current rate beyond its original term. For example, it may specify how a loan's interest rate transitions from a fixed to a floating rate, or how a fallback rate is determined if the original rate is discontinued. The core function of this clause is to ensure continuity and predictability in financial obligations, minimizing disruption and uncertainty if market conditions or reference rates change.
RATE CONVERSION AND RATE CONTINUATION. The Borrower shall have the right to convert or continue any Revolving Credit Borrowing as a LIBOR Rate Borrowing or an Alternate Base Rate Borrowing, upon request delivered by the Borrower to the Agent not later than 12:00 noon (Cleveland time): (a) on the Business Day that Borrower desires to convert any LIBOR Rate Borrowing into an Alternate Base Rate Borrowing, (b) three Business Days prior to the Business Day on which the Borrower desires to convert any Alternate Base Rate Borrowing into a LIBOR Rate Borrowing for a given Interest Period, (c) three Business Days prior to the Business Day on which Borrower desires to continue any LIBOR Rate Borrowing as a LIBOR Rate Borrowing for an additional Interest Period of the same duration, and (d) three Business Days prior to the Business Day on which Borrower desires to convert any LIBOR Rate Borrowing having a particular Interest Period into a LIBOR Rate Borrowing having a different permissible Interest Period; provided, however, that each such Rate Conversion or Rate Continuation shall be subject to the following:
(i) each Rate Conversion or Rate Continuation shall be made among the Banks based upon such Bank's Ratable Portion of such converted or continued Revolving Credit Borrowing;
(ii) if less than all the outstanding principal amount of a Revolving Credit Borrowing is converted or continued, the aggregate principal amount of such Revolving Credit Borrowing converted or continued shall be: (A) in the case of a LIBOR Rate Borrowing, not less than One Million Dollars ($1,000,000), or an integral multiple of One Hundred Thousand Dollars ($100,000) in excess thereof and (B) in the case of an Alternate Base Rate Borrowing, One Hundred Thousand Dollars ($100,000);
(iii) each Rate Conversion or Rate Continuation shall be effected as if each Bank were applying the proceeds of Loans resulting from such Rate Conversion or Rate Continuation to Loans being converted or continued, as the case may be, and the accrued interest on any such Loans (or portion thereof) being converted or continued shall be paid to the Agent on behalf of each Bank by the Borrower at the time of such Rate Conversion or Rate Continuation;
(iv) LIBOR Rate Loans shall not be converted or continued at a time other than the end of an Interest Period applicable thereto unless the Borrower shall pay to the Agent for the benefit of the Banks, upon demand, any amounts due to any of the Banks pursuant to Section 0.4 of this Agreement;
(v) a Revolving ...
RATE CONVERSION AND RATE CONTINUATION. Each Borrower shall have the right to convert all or any portion of the Revolving Credit Loans or Term Loans comprising any Borrowing or any Swing Line Loan into, or continue all or any portion of the Revolving Credit Loans or Term Loans comprising any Borrowing or any Swing Line Loan as, LIBOR Rate Loans or Alternate Base Rate Loans, as the case may be, in the case of Revolving Credit Loans or Term Loans, and a LIBOR Rate Loan or Money Market Rate Loan, as the case may be, in the case of any Swing Line Loan, upon request delivered by the Borrower Representative to the Administrative Agent or the applicable Designated European Administrative Agent designated for such Borrower, as the case may be, not later than 12:00 noon (local time at the Notice Office of the Administrative Agent or such
RATE CONVERSION AND RATE CONTINUATION. The Borrower shall have the right to convert or continue all or a portion of the Borrowings into, or continue all or any portion of the Borrowings as, LIBOR Rate Borrowings or Prime Rate Borrowings, as the case may be, upon request delivered by the Borrower to the Agent not later than 11:00 a.