Common use of Conversions Clause in Contracts

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) no partial conversion of a Borrowing of LIBOR Loans shall reduce the outstanding principal amount of the LIBOR Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Loans 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 conversion and (iii) Borrowings of LIBOR Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 2 contracts

Samples: Credit Agreement (National Tobacco Co Lp), Credit Agreement (National Tobacco Co Lp)

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Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount $5,000,000 (and, if in excess thereof, an integral multiple of $1,000,000) of the outstanding principal amount of the Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, ; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto, and (v) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 2 contracts

Samples: Credit Agreement (Amerus Group Co/Ia), Credit Agreement (Amerus Group Co/Ia)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount $5,000,000 (and, if in excess thereof, an integral multiple of $1,000,000) of the outstanding principal amount of the Loans of one Type owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided the other Type; PROVIDED that (i) except as otherwise provided in Section 1.11(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto, and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 1.07 shall be limited in number as provided in Section 1.021.02 and (iv) each such conversion shall be made PRO RATA among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loansconversion.

Appears in 2 contracts

Samples: Pledge Agreement (Fremont General Corp), Credit Agreement (Fremont General Corp)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanType, provided that that: (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, Amount; (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion; and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent Payments Administrator at its Notice Office, the Payments Administrator's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent Payments Administrator shall give each Lender prompt Bank notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 2 contracts

Samples: Credit Agreement (Nabisco Inc), Credit Agreement (RJR Nabisco Inc)

Conversions. The Each Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount $2,000,000 (and, if greater, in an integral multiple of $500,000), of the outstanding principal amount of the Revolving Loans owing made to such Borrower pursuant to a single Facility one or more Borrowings of one or more Types of Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.11(b), Eurocurrency Loans denominated in Dollars may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurocurrency Loans shall reduce the outstanding principal amount of the LIBOR Eurocurrency Loans made pursuant to such any single Borrowing to less than the Minimum Borrowing Amount applicable thereto$2,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurocurrency Loans denominated in Dollars if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 1.07 shall result in a greater number of Borrowings than is permitted under Section 1.01(e). Neither Swingline Loans nor Loans denominated in a currency other than Dollars may be limited in number as provided in converted pursuant to this Section 1.021.07. Each such conversion shall be effected by the such Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion conversions into Base Rate Loans) prior written notice (or telephonic telephone notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type Borrowing(s) pursuant to which such Loans were made, the date of Loans to such conversion (which shall be converted into a Business Day) and, if to be converted into a Borrowing of LIBOR Eurocurrency Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Sealed Air Corp/De), Global Revolving Credit Agreement (Sealed Air Corp/De)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to $1,000,000 (and, if in excess thereof, an integral multiple of $500,000) of the applicable Minimum Borrowing Outstanding Amount of the outstanding principal amount Loans of the Loans owing one Type pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, Loan under such Facility; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default has occurred and is then in existence and continuing on the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit date of such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.021.02 and (iv) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if such Loans are to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 2 contracts

Samples: Credit Agreement (Universal American Financial Corp), Credit Agreement (Universal American Financial Corp)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, Type; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable theretoAmount, (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, the Administrative Agent's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 2 contracts

Samples: Credit Agreement (Rj Reynolds Tobacco Holdings Inc), Credit Agreement (Rj Reynolds Tobacco Holdings Inc)

Conversions. The Borrower shall have the option to convert on any Business Day (or as otherwise, and to the extent, agreed to by the Agents), all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, Loan provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' Days (or two one Business Days', Day in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 2 contracts

Samples: Credit Agreement (Pueblo Xtra International Inc), Pledge Agreement (Pueblo Xtra International Inc)

Conversions. The Borrower shall have the option to convert convert, on any Business Day occurring after the Effective Date, all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of Loans made to the Loans owing pursuant to a single Facility Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR such Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion, and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 shall be limited result in a greater number as provided in of Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its the Notice Office, Office prior to 11:00 A.M. (New York time), ) at least three Business Days' prior written notice (or two one Business Days', Day's prior written notice in the case of a conversion of Eurodollar Loans into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Borrowing(s) pursuant to which such Loans to be converted into were made and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Host Marriott Corp/Md)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of Revolving Loans of another Type of Loan, Type; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the applicable Minimum Borrowing Amount applicable theretoAmount, (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, the Administrative Agent’s Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Reynolds American Inc)

Conversions. The Each Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount $2,000,000 (and, if greater, in an integral multiple of $500,000), of the outstanding principal amount of the Revolving Loans owing made to such Borrower pursuant to a single Facility one or more Borrowings of one or more Types of Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided PROVIDED that (i) except as otherwise provided in Section 1.11(b), Eurocurrency Loans denominated in Dollars may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurocurrency Loans shall reduce the outstanding principal amount of the LIBOR Eurocurrency Loans made pursuant to such any single Borrowing to less than the Minimum Borrowing Amount applicable thereto$2,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurocurrency Loans denominated in Dollars if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 1.07 shall result in a greater number of Borrowings than is permitted under Section 1.01(e). Neither Swingline Loans nor Loans denominated in a currency other than Dollars may be limited in number as provided in converted pursuant to this Section 1.021.07. Each such conversion shall be effected by the such Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion conversions into Base Rate Loans) prior written notice (or telephonic telephone notice promptly confirmed in writing) (each, each a "Notice of ConversionNOTICE OF CONVERSION") specifying the Loans to be so converted, the Type Borrowing(s) pursuant to which such Loans were made, the date of Loans to such conversion (which shall be converted into a Business Day) and, if to be converted into a Borrowing of LIBOR Eurocurrency Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Sealed Air Corp/De)

Conversions. The Borrower Company shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount $500,000, of the outstanding principal amount of the Loans owing (other than Swingline Loans which may not be converted pursuant to a single Facility this Section 1.06) made pursuant to one or more Borrowings of one Type of Loan into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, provided PROVIDED that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR such Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Euro- dollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 shall be limited result in a greater number as provided in of Borrowings than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower Company by giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York time), ) at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Borrowing(s) pursuant to which such Loans to be converted into were made and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans. Upon any such conversion the proceeds thereof will be deemed to be applied directly on the day of such conversion to prepay the out- standing principal amount of the Loans being converted.

Appears in 1 contract

Samples: Credit Agreement (American Italian Pasta Co)

Conversions. The Each Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the its Revolving Loans owing pursuant to a single Facility constituting Base Rate Loans or Eurodollar Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanRevolving Loans constituting Eurodollar Loans or Base Rate Loans, respectively, provided that (i) no partial conversion of a Borrowing of LIBOR Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if when a Default under Section 9.01 or an Event of Default is then in existence and if the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the respective Borrower giving the Administrative Agent at its the Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Loans (as to interest option) to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Mbia Inc)

Conversions. The Borrower Company shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, ; provided that (i) no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an Event of Default is then in existence and the Administrative Agent or and/or the Required Lenders shall Banks have determined in its or their sole discretion notified the Company that such a conversion will not to permit such conversion be permitted as a result thereof and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower Company by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' Days (or two one Business Days', Day in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Western Empire Publications Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to under a single Facility given Tranche of one Type into a Borrowing or Borrowings pursuant to of Loans under such Facility Tranche of another Type of Loan, Type; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the applicable Minimum Borrowing Amount applicable theretoAmount, (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, the Administrative Agent’s Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans of a given Tranche to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice as promptly as practicable of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Reynolds American Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to not less than $25,000,000 ($10,000,000 in the applicable Minimum Borrowing Amount case of a conversion into Base Rate Loans) of the outstanding principal amount of the one Type of Loan (other than (i) Swingline Loans owing and (ii) Competitive Bid Loans) made pursuant to a single Facility one or more Borrowings into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan; provided that, provided that (i) except as otherwise provided in Section 1.11(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such any single Borrowing to less than the Minimum Borrowing Amount applicable thereto$25,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 1.07 shall be limited result in a greater number as provided in of Borrowings than is permitted under Section 1.021.01(e). Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York time), ) at least three Business Days' (or two Business Days', in the case of a conversion conversions into Eurodollar Loans, or one Business Day's in the case of conversions into Base Rate Loans) , prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Service Merchandise Co Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, Type; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable theretoAmount, (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, the Administrative Agent's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Rj Reynolds Tobacco Holdings Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a any portion at least equal to the applicable Minimum Borrowing Amount $1,000,000 or more of the outstanding principal amount of the Loans owing made pursuant to a single Facility one or more Borrowings by the Borrower of one or more Types of Loan into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanLoan (each, a "Conversion"), provided that (i) except as otherwise provided in Section 2.11(b), Eurodollar Rate Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Eurodollar Rate Loans being converted, (ii) no partial conversion of a Borrowing of LIBOR Eurodollar Rate Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Rate Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (iiiii) Base Rate Loans may not only be converted into LIBOR Eurodollar Rate Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion Conversion, and (iiiiv) Borrowings of LIBOR Loans resulting from no Conversion pursuant to this Section 1.06 2.07 shall be limited result in a greater number as provided in of Borrowings than is permitted under Section 1.022.02. Each such conversion Conversion shall be effected by the Borrower Borrower, giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. (New York time), ) at least three (3) Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if any Loan is to be converted into a Borrowing of LIBOR LoansEurodollar Rate Loan, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion Conversion affecting any of its Loans. Upon any such Conversion the proceeds thereof will be applied directly on the day of such Conversion to prepay the outstanding principal amount of the Loans being converted.

Appears in 1 contract

Samples: Gramercy Capital Corp

Conversions. The Borrower shall have the option to convert convert, on any Business Day Day, all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing made pursuant to a single Facility one or more Borrowings of one or more Types of Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR such Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, and (ii) Base Rate Loans may not be converted into LIBOR Loans 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 no conversion pursuant to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from this Section 1.06 shall be limited result in a greater number as provided in of Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its the Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York time), ) at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion"/Continuation”) specifying in the form of Exhibit A-2, appropriately completed to specify the Loans to be so converted, the Type of Borrowing or Borrowings pursuant to which such Loans to be converted into were incurred and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Todco)

Conversions. The Borrower Workflow shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of Revolving Loans or Term A Loans of one Type into Borrowing of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another other Type of LoanRevolving Loans or Term A Loans, as applicable, provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion, and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower Workflow by giving the Administrative Agent at its the Notice Office, prior to 11:00 A.M. (New York Boston time), at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Revolving Loans and Term A Loans to be so converted, the Type of Revolving Loans and Term A Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its such Lender’s Revolving Loans or Term A Loans.

Appears in 1 contract

Samples: Credit Agreement (Workflow Management Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, provided that (i) no conversion of Base Rate Loans into Eurodollar Loans may be made prior to the Syndication Date except for a conversion made on the first day of a PSD Interest Period, (ii) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (iiiii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iiiiv) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a ""Notice of Conversion"'') specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Us Office Products Co)

Conversions. The Parent Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount $1,000,000 of the outstanding principal amount of the its Term Loans owing pursuant to a single Facility of one Type, into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, Term Loans; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a any Default under Section 9.01 or an Event of Default is then in existence and on the date of the conversion if the Administrative Agent or the Required Lenders shall have determined previously advised the Parent Borrower that conversions will not be permitted while such Default or Event of Default, as the case may be, remains in its or their sole discretion not to permit such conversion and existence, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto, and (v) each such conversion shall be made pro rata among the Term Loans of each Lender of the Type being converted. Each such conversion shall be effected by the Parent Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Term Loans to be so converted, the Type of Term Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Term Loans.

Appears in 1 contract

Samples: Term Loan Agreement (Endurance Specialty Holdings LTD)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to the applicable Minimum Borrowing Amount not less than $5,000,000 of the outstanding principal amount of Loans of one Type made to the Loans owing Borrower pursuant to a single Facility one or more Borrowings into a Borrowing or Borrowings pursuant to such Facility of another Type of Loanthe other Type, provided that (i) except as otherwise provided in Section 1.10(b), Euro- dollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such any single Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such date of conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 shall be limited result in a greater number as provided in of Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York time), ) at least three Business Days' (or two Business Days', in the case of a conversion conversions into Eurodollar Loans, or one Business Day's in the case of conversions into Base Rate Loans) , prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Interlake Corp)

Conversions. The Borrower shall have the option to convert on ----------- any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing (other than Swingline Loans, which at all times shall be maintained as Base Rate Loans) pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans (x) if a no Default under Section 9.01 or an Event of Default is then in existence on the date of the conversion and (y) if prior to the Administrative Agent or Syndication Date, on the Required Lenders shall have determined in its or their sole discretion not to permit such conversion first day of a PSD Interest Period and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 10:00 A.M. (New York time), at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Hci Direct Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount $5,000,000 (and, if in excess thereof, an integral multiple of $1,000,000) of the outstanding principal amount of the Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, ; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto, and (v) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Amerus Group Co/Ia)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to the applicable Minimum Borrowing Amount not less than $5,000,000 of the outstanding principal amount of Loans of one Type made to the Loans owing Borrower pursuant to a single Facility one or more Borrowings into a Borrowing or Borrowings pursuant to such Facility of another Type of Loanthe other Type, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such any single Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such date of conversion and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 shall be limited result in a greater number as provided in of Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York time), ) at least three Business Days' (or two Business Days', in the case of a conversion conversions into Eurodollar Loans, or one Business Day's in the case of conversions into Base Rate Loans) , prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Interlake Corp)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of Revolving Loans of another Type of Loan, Type; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the applicable Minimum Borrowing Amount applicable theretoAmount, (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, the Administrative Agent's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Reynolds American Inc)

Conversions. The Borrower shall have the option to convert on any Business Day occurring after the Restatement Effective Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing made pursuant to a single Facility one or more Borrowings of one or more Types of Revolving Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of Revolving Loan, provided that (i) except as provided in Section 1.11(b), Eurodollar Loans may be converted into Revolving Loans of another Type only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Revolving Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Revolving Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 1.07 shall be limited in number as provided in Section 1.021.02 and (iv) Revolving Loans denominated in a Primary Alternate Currency may not be converted into Base Rate Loans. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two Business Days'Days or, in the case of a conversion into Base Rate Loans) , prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.10:00

Appears in 1 contract

Samples: Credit Agreement (Ametek Inc/)

Conversions. The Borrower shall have the option to convert on any Business Day occurring after the Syndication Date, all or a portion at least equal to the applicable Minimum Borrowing Amount $1,000,000 (and, if in excess thereof, an integral multiple of $500,000) of the outstanding principal amount of the Loans owing of one Type pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, provided Loan under such Facility; PROVIDED that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto and (v) each such conversion shall be made PRO RATA among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Superior National Insurance Group Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanType, provided that PROVIDED that: (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, Amount; (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion; and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent Payments Administrator at its Notice Office, the Payments Administrator's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent Payments Administrator shall give each Lender prompt Bank notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Nabisco Inc)

Conversions. The Borrower shall have the option to convert on any Business Day occurring after the Syndication Date, all or a portion at least equal to the applicable Minimum Borrowing Amount $5,000,000 (and, if in excess thereof, an integral multiple of $1,000,000) of the outstanding principal amount of the Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, ; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$5,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto and (v) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Agreement (Superior National Insurance Group Inc)

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Conversions. The Except as provided in Section 1.3(b), Borrower shall have the option to convert convert, on any Business Day all or a portion occurring after the Effective Date, Term Loan Portions of one Type equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility Term Loan Portion of another Type of LoanType, provided that (i) except as otherwise provided in Section 1.10(b), a Eurodollar Portion may be converted into a Base Rate Portion only on the last day of an Interest Period applicable to the Eurodollar Portion being converted and no such partial conversion of a Borrowing of LIBOR Loans Eurodollar Portion shall reduce the outstanding principal amount of the LIBOR Loans made pursuant to such Borrowing all Eurodollar Portions to less than the Minimum Borrowing Amount applicable theretoAmount, (ii) Base Rate Loans Portions may not only be converted into LIBOR Loans Eurodollar Portions if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion, and (iii) Borrowings of LIBOR Loans resulting from no conversion pursuant to this Section 1.06 1.6 shall be limited result in number as provided in Section 1.02more than six (6) Eurodollar Portions outstanding at any time. Each such conversion shall be effected by the an Authorized Representative of Borrower giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. (New York time), ) at least three (3) Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans Term Loan Portions to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR LoansEurodollar Portions, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its LoansTerm Loan Portions.

Appears in 1 contract

Samples: Term Loan Agreement (Autotote Corp)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to the applicable Minimum Borrowing Amount $1,000,000 (and, if in excess thereof, an integral multiple of $500,000) of the outstanding principal amount of the Loans owing of one Type pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, Loan under such Facility; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit date of such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto and (v) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if such Loans are to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.. 6 1.07

Appears in 1 contract

Samples: Credit Agreement (Universal American Financial Corp)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, provided that PROVIDED that: (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, ; (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the conversion unless the Required Lenders shall have determined in its or their sole discretion not to permit such conversion Banks otherwise agree; and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number numbers as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' (or two one Business Days'Day's, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: And (Interstate Hotels Co)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans (other than Swingline Loans, which at all times shall be maintained as Base Rate Loans) owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, ; provided that (i) no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an Event of Default is then in existence and the Administrative Agent or and/or the Required Lenders shall Banks have determined in its or their sole discretion notified the Borrower that such a conversion will not to permit such conversion be permitted as a result thereof and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' Days (or two one Business Days', Day in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Primedia Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, ; provided that (i) no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an Event of Default is then in existence and the Administrative Agent or and/or the Required Lenders shall Banks have determined in its or their sole discretion notified the Borrower that such a conversion will not to permit such conversion be permitted as a result thereof and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' Days (or two one Business Days', Day in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (About, Inc.)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, thereto and (ii) no Base Rate Loans may not be converted into LIBOR Eurodollar Loans if at any time when a Default under Section 9.01 or an Event of Specified Default is then in existence and on the date of the conversion if the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not that such a conversion would be disadvantageous to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02the Lenders. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days'Day’s, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loansto each Lender with Loans affected thereby.

Appears in 1 contract

Samples: Credit Agreement (Noble Corp)

Conversions. The Borrower shall have the option to convert on any ----------- Business Day occurring on or after the Initial Borrowing Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Revolving Loan; provided, provided that (i) except as otherwise provided in Section 1.10(b), no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no payment Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion, and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Physicians Quality Care Inc)

Conversions. The Borrower shall have the option to convert on any Business Day occurring on or after the Initial Borrowing Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan; provided, provided that (i) except as otherwise provided in Section 1.10(b), no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) at the written election of the Required Banks Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no payment Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Nutraceutical International Corp)

Conversions. The Borrower shall have the option to convert on any Business Day occurring on or after the Effective Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan; provided, provided that (i) except as otherwise provided in Section 1.10(b), no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) at the written election of the Required Banks, Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no payment Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Nutraceutical International Corp)

Conversions. The Borrower shall have the option to convert on any Business Day occurring on or after the Effective Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan; provided, provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) at the written election of the Required Banks, Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no payment Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York time), at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Nutraceutical International Corp)

Conversions. The Borrower shall have the option to convert on any Business Day occurring on or after the Restatement Effective Date, all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility by the Borrower into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanLoan (other than Swingline Loans, provided which at all times shall be maintained as Base Rate Loans); provided, that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a Default under Section violation of Sections 9.01 or 9.05 or an Event of Default is then in existence on the date of the conversion and the Administrative Agent or the Required Lenders shall Banks have determined in its or their sole discretion not to permit that such conversion at such time would be disadvantageous to the Banks and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Town Sports International Inc)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to the applicable Minimum Borrowing Amount $1,000,000 (and, if in excess thereof, an integral multiple of $500,000) of the outstanding principal amount of the Loans owing of one Type pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, Loan under such Facility; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02, (iv) Eurodollar Loans may only be converted into Base Rate Loans on the last day of the Interest Period applicable thereto and (v) each such conversion shall be made PRO RATA among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Days in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Ceres Group Inc)

Conversions. The Each Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing by it pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into LIBOR Eurodollar Loans if a Default under any violation of Section 9.01 or an any Event of Default is then in existence and to the extent that the Administrative Agent or the Required Lenders shall Banks have determined in its or their sole discretion not to permit that any such conversion at such time would be disadvantageous to the Banks and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the respective Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 10:00 A.M. (New York time), at least three Business Days' Days (or two one Business Days'Day, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Zurn Industries Inc)

Conversions. The Borrower shall have the option to convert convert, on any Business Day occurring after the Effective Date, all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing made pursuant to a single Facility one or more Borrowings of one or more Types of Loans into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that that, (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR such Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, thereto and (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02conversion. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, Office prior to 11:00 A.M. 12:00 Noon (New York Eastern time), ) at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Borrowing or Borrowings pursuant to which such Loans to be converted into were made and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans. Upon any such conversion the proceeds thereof will be deemed to be applied directly on the day of such conversion to prepay the outstanding principal amount of the Loans being converted.

Appears in 1 contract

Samples: Credit Agreement (Omniquip International Inc)

Conversions. The Borrower shall have the option to convert on ----------- any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Revolving Loans owing pursuant to a single Facility of one Type into a Borrowing or Borrowings pursuant to such Facility of another Type of LoanType, provided that that: (i) no partial -------- conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, Amount; (ii) Base Reference Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion conversion; and (iii) Borrowings of LIBOR Loans resulting from conversions pursuant to this Section 1.06 1.07 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower by giving the Administrative Agent Payments Administrator at its Notice Office, the Payments Administrator's Office prior to 11:00 A.M. (New York time), ) at least three Business Days' (or two one Business Days', Day's in the case of a conversion into Base Reference Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Revolving Loans to be so converted, the Type of Revolving Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent Payments Administrator shall give each Lender prompt Bank notice as promptly as practicable of any such proposed conversion affecting any of its Revolving Loans.

Appears in 1 contract

Samples: Assignment Agreement (RJR Nabisco Inc)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, provided that PROVIDED that: (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, ; (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 section 9.1(a) or an Event of Default is then in existence and on the Administrative Agent or date of the conversion unless the Required Lenders shall have determined in its or their sole discretion not to permit such conversion otherwise agree; and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 section 1.6 shall be limited in number numbers as provided in Section 1.02section 1.2. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 1:00 P.M. (New York Cleveland, Ohio time), at least three Business Days' (or two one Business Days'Day's, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of ConversionNOTICE OF CONVERSION") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (First Union Real Estate Equity & Mortgage Investments)

Conversions. The Borrower shall have the option to convert on any Business Day Day, all or a portion at least equal to $1,000,000 (and, if in excess thereof, an integral multiple of $500,000) of the applicable Minimum Borrowing Outstanding Amount of the outstanding principal amount Loans of the Loans owing one Type pursuant to a single the Facility into a Borrowing or Borrowings pursuant to such Facility of another the other Type of Loan, Loan under the Facility; provided that (i) no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto$1,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a Default under Section 9.01 or an no Event of Default has occurred and is then in existence and continuing on the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit date of such conversion and conversion, (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.021.02 and (iv) each such conversion shall be made pro rata among the Loans of each Bank of the Type being converted. Each such conversion shall be effected by the Borrower by giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. 12:00 Noon (New York time), at least three Business Days' (or two one Business Days', Day’s in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, each a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if such Loans are to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Universal American Financial Corp)

Conversions. The Borrower Company shall have the option to convert pro ----------- rata on any Business Day all or a portion equal to at least equal to the applicable Minimum Borrowing Amount $15,000,000 of the outstanding principal amount of the Syndicated Loans owing made pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another from one Type of LoanSyndicated Loans into another Type, provided that (i) except as otherwise provided in Section 1.11(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no such partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such a single Borrowing to less than the Minimum Borrowing Amount applicable thereto$15,000,000, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no 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 conversion and (iii) no conversion pursuant to this Section 1.09 shall result in a greater number of Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in than is permitted under Section 1.02. Each such conversion shall be effected by the Borrower Company giving the Administrative Agent at its Notice Office, prior to 11:00 A.M. (New York time), at least three Business Days' prior telephonic (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) notice (each, a "Notice of Conversion") no later than 11:00 A.M. (New York time) specifying the Syndicated Loans to be so converted, the Type of Loans to be converted into and, and if to be converted into a Borrowing of LIBOR Eurodollar Loans, the initial Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt written or telephonic notice of any such proposed conversion affecting of Syndicated Loans. Upon any such conversion, the proceeds thereof will be applied directly on the date of its Loanssuch conversion to repay the outstanding principal amount of the Syndicated Loans being converted.

Appears in 1 contract

Samples: Credit Agreement (Sunoco Logistics Partners Lp)

Conversions. The Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing (other than Swingline Loans, which at all times shall be maintained as Base Rate Loans) pursuant to a single Facility into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of LIBOR Eurodollar Loans shall reduce the outstanding principal amount of the LIBOR Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not only be converted into LIBOR Eurodollar Loans if a no Default under Section 9.01 or an Event of Default is then in existence and on the Administrative Agent or date of the Required Lenders shall have determined in its or their sole discretion not to permit such conversion and (iii) Borrowings of LIBOR Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. Each such conversion shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 10:00 A.M. (New York time), at least three Business Days' (or two Business Days', in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a "Notice of Conversion") specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of LIBOR Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender Bank prompt notice of any such proposed conversion affecting any of its Loans.

Appears in 1 contract

Samples: Pledge Agreement (Hosiery Corp of America Inc)

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