Common use of Interest Elections Clause in Contracts

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers may elect to convert and continue such Borrowings and, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers may elect different options with respect to different portions of the affected Borrowings or B/A Drawings, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.

Appears in 4 contracts

Samples: Credit Agreement (Automatic Data Processing Inc), Year Credit Agreement (Automatic Data Processing Inc), Credit Agreement (Automatic Data Processing Inc)

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Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified (or deemed to be specified) in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified (or deemed to be specified) in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or a B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section (Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, Period ending after the applicable Maturity Date. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 4 contracts

Samples: Lease Agreement (Compass Minerals International Inc), Lease Agreement (Compass Minerals International Inc), Lease Agreement (Compass Minerals International Inc)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (iii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 4 contracts

Samples: Credit Agreement, Assignment and Assumption (TPG Specialty Lending, Inc.), Revolving Credit Agreement (Stellus Capital Investment Corp)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Qualified Global Currency Loans from Eurocurrency Loans to ABR Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d), (iv) elect to convert any ABR Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c) or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply (vi) elect to Competitive Loans convert or to Contract Loans, which may not be converted or continuedcontinue any Swingline Borrowings.

Appears in 3 contracts

Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)

Interest Elections. (a) Each On the Closing Date, each Borrowing shall be an Index Rate Loan. After the Closing Date, each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing and in the case of a LIBOR Borrowing may elect Interest Periods therefor, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, at no time shall the total number of LIBOR Borrowings outstanding exceed four (4) and the aggregate principal amount of each LIBOR Borrowing shall be not less than $1,000,000 or a larger multiple of $500,000, and the aggregate principal amount of each Base Rate Borrowing and each Index Rate Borrowing shall not be less than $500,000 or a larger multiple of $100,000; provided, that Base Rate Loans and Index Rate Loans made pursuant to Section 2.5 or Section 2.6(d) may be made in lesser amounts as provided therein. If a Notice of Borrowing does not specify a Type, the Borrowers shall be deemed to have requested an Index Rate Borrowing with respect to Swingline Loans, and a Base Rate Borrowing with respect to any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.

Appears in 3 contracts

Samples: Loan and Security Agreement (Global Defense Technology & Systems, Inc.), Loan and Security Agreement (Global Defense Technology & Systems, Inc.), Loan and Security Agreement (Global Defense Technology & Systems, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR an Adjusted LIBO Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicableand in the case of an Adjusted LIBO Rate Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)‎Section 2.7. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. To make an election pursuant to this ‎Section 2.7, the Borrower shall give the Administrative Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.7 attached hereto (a "Notice of Conversion/Continuation") that is to be converted or continued, as the case may be, (x) prior to 11:00 a.m. on the Business Day of the requested date of a conversion into a Base Rate Borrowing or a LIBOR Index Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or conversion into an Adjusted LIBO Rate Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Base Rate Borrowing, a LIBOR Index Rate Borrowing or an Adjusted LIBO Rate Borrowing; and (iv) if the resulting Borrowing is to be an Adjusted LIBO Rate Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of "Interest Period". If any such Notice of Conversion/Continuation requests an Adjusted LIBO Rate Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Adjusted LIBO Rate Borrowings, LIBOR Index Rate Borrowings and Base Rate Borrowings set forth in ‎Section 2.3. If, on the expiration of any Interest Period in respect of any Adjusted LIBO Rate Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/ Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, an Adjusted LIBO Rate Borrowing or a LIBOR Index Rate Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Adjusted LIBO Rate Loans shall be permitted except on the last day of the Interest Period in respect thereof. Upon receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

Appears in 2 contracts

Samples: Credit Agreement (STEINER LEISURE LTD), Credit Agreement (Steiner Leisure LTD)

Interest Elections. (a1) Elections by the Borrower for Borrowings. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request or, in the case of any Term Loan Borrowing, the applicable Joinder Agreement, and, in the case of a Eurocurrency Borrowing or a CDOR LIBO Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or Joinder Agreement, as applicable (which shall be a period contemplated by the definition of the term “Interest Period”). Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a LIBO Rate Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, any conversion or continuation of LIBO Rate Loans shall be subject to the provisions of Sections 1.2(3) and (it being understood 4) and provided further that no B/A Drawing may be converted each Borrowing shall consist of only Revolving Loans (or continued other than at the end portions thereof) or Term Loans of the Contract Period applicable theretosame Series (or portions thereof), as the case may be. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Revolving Lenders or Term Lenders holding the Revolving Loans or Series of Term Loans comprising such Borrowings Borrowing in accordance with such Lender’s Applicable Revolving Percentage or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made Applicable Term Percentage with respect to any such Series of Term Loans, as applicable, thereof and the Loans comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedBorrowing.

Appears in 2 contracts

Samples: Management Agreement (Macerich Co), Joinder Agreement (Macerich Co)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Qualified Foreign Global Currency Loans from Eurocurrency Loans to Floating Rate Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d), (iv) elect to convert any Floating Rate Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c) or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply (vi) elect to Competitive Loans convert or to Contract continue any Swingline Loans, which may not be converted or continued.

Appears in 2 contracts

Samples: Credit Agreement (Developers Diversified Realty Corp), Credit Agreement (Developers Diversified Realty Corp)

Interest Elections. (a) Each Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term Benchmark Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Term Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section 2.07; provided, however, that (it being understood that i) a Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) except as set forth in Sections 2.13, 2.20(e) and Section 2.21, a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no B/A Drawing Term Benchmark Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments and (iv) neither a Term Benchmark Borrowing denominated in a Foreign Currency nor a RFR Borrowing may be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision For the avoidance of doubt, this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section 2.07(a) shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.continued except in accordance with Section 2.04(c). (b)

Appears in 2 contracts

Samples: Secured Revolving Credit Agreement (Nuveen Churchill Direct Lending Corp.), Secured Revolving Credit Agreement (Nuveen Churchill Direct Lending Corp.)

Interest Elections. (a) Each Elections by the Borrowers. The Loans constituting each Borrowing -------------------------- initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided that (it being understood that i) a Borrowing denominated in one Currency may not be continued -------- as, or converted to, a Borrowing in a different Currency, (ii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the Aggregate Revolving Credit Exposure would exceed the Aggregate Commitment, and (iii) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers A Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedBorrowing.

Appears in 2 contracts

Samples: Credit Agreement (Griffon Corp), Credit Agreement (Griffon Corp)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in Thereafter, subject to the applicable request therefor. After provisions of the initial Borrowings under any Tranche and, if applicable, B/A Drawingssecond sentence of Section 2.02(b), the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02 and paragraph (f) of this Section: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be

Appears in 2 contracts

Samples: Credit Agreement (Supermarkets General Holdings Corp), Credit Agreement (Pathmark Stores Inc)

Interest Elections. (a) Each Borrowing of Revolving Facility Loans or Term Loans initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency SOFR Borrowing or a CDOR an Alternative Currency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a SOFR Borrowing or an Alternative Currency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood Section; provided, that no B/A Drawing except as otherwise provided herein, a SOFR Loan or an Alternative Currency Loan may be continued or converted only on the last day of an Interest Period for such SOFR Loan or continued other than at the end of the Contract Period applicable thereto)Alternative Currency Loan, as applicable. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings Revolving Facility Borrowing or B/A DrawingsTerm Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. Notwithstanding anything to the contrary herein, Loans denominated in any Alternative Currency may only be made, and maintained, as Alternative Currency Loans.

Appears in 2 contracts

Samples: Credit Agreement (EVERTEC, Inc.), Credit Agreement (EVERTEC, Inc.)

Interest Elections. (a) Each Elections by the Borrowers for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers relevant Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided that (it being understood that i) a Syndicated Borrowing denominated in one currency may not be continued as, or converted to, a Syndicated Borrowing in a different currency, (ii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Credit Exposures would exceed the aggregate Commitments, and (iii) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 2 contracts

Samples: Credit Agreement (Cambrex Corp), Credit Agreement (Cambrex Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Borrowing of Eurocurrency Borrowing Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert and such Borrowing, with respect to the applicable Subfacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of Eurocurrency Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than fifteen Borrowings of Eurocurrency Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision one time (which number of this Section, no Borrowing or Borrowings of Eurocurrency Rate Loans and/or B/A Drawing Equivalent Loans may be converted into increased or continued as a Borrowing adjusted by agreement between the Company and the Administrative Agent in connection with any Revolving Commitment Increase or BExtended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 2 contracts

Samples: Credit Agreement (SunOpta Inc.), Credit Agreement (SunOpta Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing Term Loan Borrowing initially shall have be an ABR Borrowing (provided that the Borrower may request, no later than three Business Days prior to the applicable date of such Borrowing, that the Lenders make the Term Loans constituting any Term Loan Borrowing as Eurodollar Loans if the Borrower has delivered to the applicable Administrative Agent a Contract Period as specified letter in form and substance reasonably satisfactory to the applicable Administrative Agent indemnifying the Lenders in the applicable request thereformanner set forth in Section 2.16). After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefore, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.8. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing in accordance with their Applicable Percentage, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.8 shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 2 contracts

Samples: Credit Agreement (NortonLifeLock Inc.), Assignment and Assumption (Symantec Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued and on terms consistent with the other than at provisions of this Agreement and, in the end case of any Revolving Alternate Currency Borrowing, the Contract Period applicable thereto)Alternate Currency Supplement. The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsRevolving Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Revolving Alternate Currency Loans to ABR Loans, (iii) elect an Interest Period or Contract Periodfor Eurocurrency Loans that does not comply with Section 2.02(d), (iv) elect to convert any Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.02(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to the same Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as applicable, ending after the Maturity Date. This to minimum principal amount set forth in Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.2.02(c) or

Appears in 1 contract

Samples: Credit Facility Agreement (Albany International Corp /De/)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term SOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.05. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section 2.05, the Borrower shall notify the Administrative Agent of such election (which notice may be by telephone) by the time that a notice would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each telephonic notice shall be irrevocable and shall be confirmed promptly by delivery to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. (c) Each telephonic and written Interest Election Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing, and the aggregate amount of each such resulting Borrowing shall be an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.Term SOFR Borrowing; and 42 #96555161v28

Appears in 1 contract

Samples: Credit Agreement (Altisource Portfolio Solutions S.A.)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Syndicated Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Syndicated Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (ii) no B/A Drawing Syndicated Eurocurrency Borrowing denominated in a Foreign Currency may be converted or continued other than at if, after giving effect thereto, the end sum of the Contract Period applicable thereto)total Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments, and (iii) a Syndicated Eurocurrency Borrowing denominated in a Foreign Currency may not be converted to a Borrowing of a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Brunswick Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Company may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Company may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued. TO MAKE AN ELECTION PURSUANT TO THIS SECTION, THE COMPANY SHALL NOTIFY THE ADMINISTRATIVE AGENT OF SUCH ELECTION BY TELEPHONE BY THE TIME THAT A BORROWING REQUEST WOULD BE REQUIRED UNDER SECTION 2.03 IF THE COMPANY WERE REQUESTING A REVOLVING BORROWING OF THE TYPE RESULTING FROM SUCH ELECTION TO BE MADE ON THE EFFECTIVE DATE OF SUCH ELECTION. EACH SUCH TELEPHONIC INTEREST ELECTION REQUEST SHALL BE IRREVOCABLE AND SHALL BE CONFIRMED PROMPTLY BY HAND DELIVERY OR TELECOPY TO THE ADMINISTRATIVE AGENT OF A WRITTEN INTEREST ELECTION REQUEST IN A FORM APPROVED BY THE ADMINISTRATIVE AGENT AND SIGNED BY THE COMPANY. EACH TELEPHONIC AND WRITTEN INTEREST ELECTION REQUEST SHALL SPECIFY THE FOLLOWING INFORMATION IN COMPLIANCE WITH SECTION 2.02: THE BORROWING TO WHICH SUCH INTEREST ELECTION REQUEST APPLIES AND, IF DIFFERENT OPTIONS ARE BEING ELECTED WITH RESPECT TO DIFFERENT PORTIONS THEREOF, THE PORTIONS THEREOF TO BE ALLOCATED TO EACH RESULTING BORROWING (IN WHICH CASE THE INFORMATION TO BE SPECIFIED PURSUANT TO CLAUSES (iii) AND (iv) BELOW SHALL BE SPECIFIED FOR EACH RESULTING BORROWING); THE EFFECTIVE DATE OF THE ELECTION MADE PURSUANT TO SUCH INTEREST ELECTION REQUEST, WHICH SHALL BE A BUSINESS DAY; WHETHER THE RESULTING BORROWING IS TO BE AN ABR BORROWING OR A EURODOLLAR BORROWING; AND IF THE RESULTING BORROWING IS A EURODOLLAR BORROWING, THE INTEREST PERIOD TO BE APPLICABLE THERETO AFTER GIVING EFFECT TO SUCH ELECTION, WHICH SHALL BE A PERIOD CONTEMPLATED BY THE DEFINITION OF THE TERM "INTEREST PERIOD". If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Company shall be deemed to have selected an Interest Period of one month's duration. PROMPTLY FOLLOWING RECEIPT OF AN INTEREST ELECTION REQUEST, THE ADMINISTRATIVE AGENT SHALL ADVISE EACH LENDER OF THE DETAILS THEREOF AND OF SUCH LENDER'S PORTION OF EACH RESULTING BORROWING. IF THE COMPANY FAILS TO DELIVER A TIMELY INTEREST ELECTION REQUEST WITH RESPECT TO A EURODOLLAR REVOLVING BORROWING PRIOR TO THE END OF THE INTEREST PERIOD APPLICABLE THERETO, THEN, UNLESS SUCH BORROWING IS REPAID AS PROVIDED HEREIN, AT THE END OF SUCH INTEREST PERIOD SUCH BORROWING SHALL BE CONVERTED TO AN ABR BORROWING. NOTWITHSTANDING ANY CONTRARY PROVISION HEREOF, IF AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING AND THE ADMINISTRATIVE AGENT, AT THE REQUEST OF THE REQUIRED LENDERS, SO NOTIFIES THE COMPANY, THEN, SO LONG AS AN EVENT OF DEFAULT IS CONTINUING (i) NO OUTSTANDING REVOLVING BORROWING MAY BE CONVERTED TO OR CONTINUED AS A EURODOLLAR BORROWING AND (ii) UNLESS REPAID, EACH EURODOLLAR REVOLVING BORROWING SHALL BE CONVERTED TO AN ABR BORROWING AT THE END OF THE INTEREST PERIOD APPLICABLE THERETO.

Appears in 1 contract

Samples: Credit Agreement (Amerada Hess Corp)

Interest Elections. (a) Each Revolving Loan Borrowing and Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or designated by Section 2.03. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by delivery (by hand delivery, facsimile or other electronic transmission) to the Administrative Agent of a written Interest Election Request signed by the Borrower (i) in the case of an election to convert or continue a Borrowing into a Eurocurrency Borrowing, not later than 2:00 p.m., New York City time, three Business Days before the effective date of the election made pursuant to such Interest Election Request and (ii) in the case of an election to convert or continue a Borrowing into an ABR Borrowing, not later than 2:00 p.m., New York City time, one Business Day prior to the effective date of the election made pursuant to such Interest Election Request. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.03: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

Appears in 1 contract

Samples: Credit Agreement and Incremental Facility Agreement (GoHealth, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicableand in the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such Borrowings portion shall be considered a separate Borrowing. To make an election pursuant to this Section, the Borrower shall give the Administrative Agent prior written notice (or accepting the Btelephonic notice promptly confirmed in writing) of each Borrowing (a "Notice of Conversion/As comprising such B/A DrawingsContinuation") that is to be converted or continued, as the case may be, (x) prior to 10:00 a.m. one Business Day prior to the requested date of a conversion into a Base Rate Borrowing and any Loans (y) prior to 11:00 a.m. three Business Days prior to a continuation of or Bconversion into a Eurodollar Borrowing. Each such Notice of Conversion/As resulting from an election made Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Continuation/Conversion applies and, if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Continuation/Conversion, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of "Interest Period". If any such portion Notice of Continuation/Conversion requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall be considered deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set forth in Section 2.3. If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a separate Notice of Conversion/ Continuation, then, unless such Borrowing or B/A Drawingis repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. Notwithstanding any other provision of this Section, no No Borrowing or B/A Drawing may be converted into into, or continued as as, a Eurodollar Borrowing if a Default or B/A Drawing with an Event of Default has occurred and is continuing, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Eurodollar Loans shall be permitted except on the last day of the Interest Period or Contract Periodin respect thereof. Upon receipt of any Notice of Conversion/Continuation, as applicable, ending after the Maturity Date. This Section Administrative Agent shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedpromptly notify each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

Appears in 1 contract

Samples: Revolving Credit Agreement (Kaneb Pipe Line Partners L P)

Interest Elections. (a) Each The Type of the Loans comprising each Borrowing initially shall be of the Type as specified in the applicable Notice of Borrowing Request or designated by Section 2.2 or 2.23 and, in the case of a Eurocurrency Term SOFR Borrowing or a CDOR Euro-Currency Borrowing, shall have an initial Interest Period as specified in such Notice of Borrowing Requestor designated by Section 2.2. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower or applicable Additional Borrower may elect to convert and such Borrowing so that it is comprised of Loans of a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term SOFR Borrowing or Euro-Currency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood 2.19; provided that no B/A Drawing such Borrower or such Additional Borrower may be converted not elect to convert any Borrowing denominated in a Foreign Currency to a Base Rate Borrowing or continued other than at a Term SOFR Borrowing and may not change the end currency of the Contract Period applicable thereto)any Borrowing. The Borrowers applicable Borrower or applicable Additional Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders Banks holding the Loans of the applicable Class comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any of the applicable Class comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Allegion PLC)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request Requestrequest and, in the case of a Eurocurrency Borrowing or a CDOR EurocurrencyTerm SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequestrequest (or as set forth in Section 2.7 if no Interest Period is specified). Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurocurrencyTerm SOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto2.8(a). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of this Sectionthe foregoing, no Borrowing or B/A Drawing the Borrower may be converted into or continued as a Borrowing or B/A Drawing with not (i) elect an Interest Period for EurocurrencyTerm SOFR Loans that does not comply with the definition of “Interest Period” or Contract PeriodSection 2.6(d), as applicable, ending after the Maturity Date. This Section shall not apply (ii) elect to Competitive convert any Adjusted Base Rate Loans to EurocurrencyTerm SOFR Loans or Adjusted Daily Simple SOFR Loans that would result in the number of Eurocurrency Term SOFR Borrowings and Adjusted Daily Simple SOFR Borrowings exceeding the maximum number of Eurocurrencysuch Borrowings permitted under Section 2.6(c) or (iii) elect an Interest Period for EurocurrencyTerm SOFR Loans unless the aggregate outstanding principal amount of EurocurrencyTerm SOFR Loans to Contract Loans, which may not be converted or continuedsuch Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.11.

Appears in 1 contract

Samples: Unsecured Term Loan Agreement (First Industrial Lp)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing or a CDOR EurodollarTerm Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or designated by Section 2.03. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurodollarTerm Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.07. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of (b) To make an election pursuant to this Section, no Borrowing the Borrower shall notify the Administrative Agent of such election in writing by telecopy, electronic mail, facsimile or B/A Drawing may be converted into or continued as overnight courier by the time that a Borrowing or B/A Drawing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such written Interest Election Request shall be irrevocable and shall be signed by the Borrower. (c) Each written Interest Election Request shall specify the following information in compliance with an Section 2.03: (i) the Borrowing to which such Interest Period or Contract PeriodElection Request applies and, as applicableif different options are being elected with respect to different portions thereof, ending after the Maturity Date. This Section portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall not apply be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to Competitive Loans or to Contract Loanssuch Interest Election Request, which may not shall be converted or continued.a Business Day;

Appears in 1 contract

Samples: Credit Agreement (Tenable Holdings, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the inthe case of a Eurocurrency Borrowing or a CDOR EurocurrencyTerm Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in specifiedin the applicable request thereforBorrowing Request or as otherwise provided in Section 2.03. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers may Borrowermay elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings andBorrowingand, if applicablein the case of a EurocurrencyTerm Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche as provided all asprovided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the ofthe affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Lendersholding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans comprising each such portion shall beconsidered a separate Borrowing.(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agentof such election by telephone or B/As in writing by the time that a Borrowing Request would be required underSection 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to bemade on the effective date of such election. Each such telephonic and written Interest Election Requestshall be irrevocable and shall be made (or, if telephonic, confirmed promptly) by hand delivery orfacsimile to the Administrative Agent of an election made executed written Interest Election Request. Each telephonicand written Interest Election Request shall specify the following information in compliance with Section2.02: (i) the Borrowing to which such Interest Election Request applies and, ifdifferent options are being elected with respect to different portions thereof, the portionsthereof to be allocated to each resulting Borrowing (in which case the information to bespecified pursuant to clauses (iii) and (iv) below shall be specified for each resultingBorrowing);(ii) the effective date of the election made pursuant to such Interest ElectionRequest, which shall be a Business Day;(iii) whether the resulting Borrowing is to be an ABR Borrowing or aEurocurrencyTerm Benchmark Borrowing; and(iv) if the resulting Borrowing is to be a EurocurrencyTerm BenchmarkBorrowing, the Interest Period to be applicable thereto after giving effect to such election,which shall be a period contemplated by the definition of the term “Interest Period”.If any such portion Interest Election Request requests a EurocurrencyTerm Benchmark Borrowing butdoes not specify an Interest Period, then the Borrower shall be considered deemed to have selected an Interest Periodof one month’s duration.(c) Promptly following receipt of an Interest Election Request in accordance with this Section, theAdministrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of eachresulting Borrowing.(d) If the Borrower fails to deliver a separate timely Interest Election Request with respect to aEurocurrencyTerm Benchmark Borrowing or B/A Drawingin dollarsDollars prior to the end of the Interest Periodapplicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such InterestPeriod such Borrowing shall be deemed to have been continued as a EurocurrencyTerm BenchmarkBorrowing for an additional Interest Period of one month. Notwithstanding any contrary provisionhereof, if an Event of Default under clause (h) or (i) of Section 7.01 has occurred and is continuing withrespect to the Borrower, or if any other provision Event of this SectionDefault has occurred and is continuing and theAdministrative Agent, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Periodat the request of the Required Lenders, as applicable, ending after has notified the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.Borrower of the election to43

Appears in 1 contract

Samples: Credit Agreement (CDW Corp)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided that (it being understood that i) a Syndicated Borrowing denominated in one currency may not be continued as, or converted to, a Syndicated Borrowing in a different currency, (ii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Credit Exposures would exceed the aggregate Commitments, and (iii) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Five Year Credit Agreement (Cambrex Corp)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (iii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case 42 Revolving Credit Agreement each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Revolving Credit Agreement

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicableand in the case of a SOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.8. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.8 shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. To make an election pursuant to this Section 2.8, the Borrower shall give the Administrative Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.8 attached hereto (a “Notice of Conversion/Continuation”) that is to be converted or continued, as the case may be, (x) prior to 11:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) U.S. Government Securities Business Days prior to a continuation of or conversion into a SOFR Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to Section 2.8(b)(iii) and Section 2.8(b)(iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a SOFR Borrowing; and (iv) if the resulting Borrowing is to be a SOFR Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of Conversion/Continuation requests a SOFR Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for SOFR Borrowings and Base Rate Borrowings set forth in Section 2.3. If, on the expiration of any Interest Period in respect of any SOFR Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a SOFR Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any SOFR Loans shall be permitted except on the last day of the Interest Period in respect thereof. Upon receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Aaron's Company, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR EurodollarTerm Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurodollarTerm Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances or to Contract LoansProtective Advances, which may not be converted or continued. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative, through an Electronic System if arrangements for doing so have been approved by the Administrative Agent, or telephonically, by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, Electronic System or facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by a Responsible Officer of the Borrower Representative. (c) Each telephonic or written Interest Election Request (including requests submitted through an Electronic System) shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a CBFR Borrowing or a EurodollarTerm Benchmark Borrowing; and (iv) if the resulting Borrowing is a EurodollarTerm Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period". If any such Interest Election Request requests a EurodollarTerm Benchmark Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month's duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

Appears in 1 contract

Samples: Credit Agreement (HF Foods Group Inc.)

Interest Elections. (a) Each Revolving Borrowing and Term ------------------ Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Qualified Global Currency Loans from Eurocurrency Loans to ABR Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d), (iv) elect to convert any ABR Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c) or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply (vi) elect to Competitive Loans convert or to Contract Loans, which may not be converted or continuedcontinue any Swingline Borrowings.

Appears in 1 contract

Samples: Credit Agreement (SPX Corp)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified Thereafter, the applicable U.S. Borrower, in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawingscase of a Revolving Borrowing, the Borrowers Canadian Borrower, in the case of a Tranche A Borrowing, or the Global Borrower, in the case of a Tranche B Borrowing, may elect to convert and the method of calculating interest in respect of such Borrowing to a different Type or to continue such Borrowings Borrowing as the same Type and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Such Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings or to Contract LoansLocal Currency Borrowings, which may not be converted or continued; provided that a Local Currency Loan may be extended by mutual agreement of the relevant Borrower and Lender in respect of such Loan (in which case, at or prior to the effectiveness of such extension, such Lender shall notify the Administrative Agent of such extension and of the terms on which such Loan is being extended). Any such election shall not result in a novation and shall not otherwise be considered to result in a repayment and reissue of any Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Mosaic Co)

Interest Elections. (a) Each Borrowing initially shall be of the Type Type, and under the applicable Class, specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert such Borrowing to a different Type (except that (i) Term B-2 Loans shall at all times be Fixed Rate Term Loans and (ii) neither the Initial Term A-1 Loans, the Term B-1 Loans nor any other Class of Loans that is not established as a Class of Fixed Rate Term Loans may be converted to Fixed Rate Term Loans) or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at Section. Except with respect to Fixed Rate Term Loans, the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.07 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued. Notwithstanding any other provision of this Section 2.07, the Borrower shall not be permitted to change the Class of any Borrowing. Notwithstanding the foregoing, prior to the Closing Date, all Term B-1 Loans shall be maintained as Eurocurrency Term Loans and, notwithstanding anything in this Agreement to the contrary, each Interest Period prior to the Closing Date shall, subject to Section 2.07(f), be one month in duration.

Appears in 1 contract

Samples: Credit Agreement (Dollar Tree Inc)

Interest Elections. (a) Each Revolving Borrowing or 2019 Incremental Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request or as otherwise provided in Section 2.03 and, in the case of a Eurocurrency LIBOR Borrowing or a CDOR EURIBORTerm Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or as otherwise provided in Section 2.03. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Revolving Borrowing (if denominated in US Dollars) or 2019 Incremental Term Borrowing to a Revolving Borrowing or 2019 Incremental Term Borrowing (as applicable) of a different Type or to continue such Borrowings Revolving Borrowing or 2019 Incremental Term Borrowing and, if applicablein the case of a LIBORTerm Rate Borrowing or a EURIBOR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/and on terms consistent with the other provisions of this Agreement. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the an affected Borrowings Revolving Borrowing or B/A Drawings2019 Incremental Term Borrowing (as applicable), in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Revolving Borrowing or accepting 2019 Incremental Term Borrowing (as applicable) and the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Revolving Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no 2019 Incremental Term Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, (as applicable, ending after the Maturity Date). This Section shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Agilent Technologies, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing of Term SOFR Loans or a CDOR BorrowingAlternative Currency Term Rate Loans, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing, with respect to the applicable Facility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Borrowing of Term SOFR Loan or Alternative Currency Term Rate Loans, B/A Drawings to or as other Borrowings andmay elect Interest Periods, if applicabletherefor, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding anything to the contrary, the Borrower shall not be entitled to request any other provision conversion or continuation that, if made, would result in (x) more than twenty Borrowings of this SectionTerm SOFR Loans, no Borrowing Alternative Currency Term Rate Loans or B/A Drawing Alternative Currency Daily Rate Loans in the aggregate or (y) more than ten Borrowings of Term XXXXX Loans, outstanding hereunder at any one time (which number of Borrowings of Term SOFR Loans, Alternative Currency Term Rate Loans, and/or Alternative Currency Daily Rate Loans may be converted into increased or continued as a Borrowing or Badjusted by agreement between the Borrower and the Administrative Agent in connection with any Extended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Junior Priority Intercreditor Agreement (SunOpta Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, a Eurocurrency Borrowing or and a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Thereafter, (i) with respect to Borrowings under any Tranche andthe US Commitment, if applicable, B/A Drawings, the Borrowers a US Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings may elect Interest Periods therefor, (ii) with respect to a Eurocurrency Borrowing, a Euro Borrower may elect Interest Periods therefor and (iii) with respect to a Borrowings under the Canadian Commitment, a Canadian Borrower may elect to convert such Borrowing to a different Type or as other Borrowings to continue such Borrowing and, if applicablein the case of a CDOR Borrowing, B/A Drawings under such Tranche may elect Interest Periods therefor, in each case, as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Each Borrower may elect different options with respect to different portions of the its affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Dynamic Materials Corp)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case Notice of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.7. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such Borrowings portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section 2.7, the Borrower shall give the Administrative Agent prior written notice (or accepting the B/As comprising such B/A Drawingstelephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.7 attached hereto (a “Notice of Conversion/Continuation”) (x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and any Loans (y) prior to 11:00 a.m. three (3) U.S. Government Securities Business Days prior to a continuation of or Bconversion into a SOFR Borrowing. Each such Notice of Conversion/As resulting from an election made Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a SOFR Borrowing; and (iv) if the resulting Borrowing is to be a SOFR Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such portion Notice of Conversion/Continuation requests a SOFR Borrowing but does not specify an Interest Period, the Borrower shall be considered deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for SOFR Borrowings and Base Rate Borrowings set forth in Section 2.3. (c) If, on the expiration of any Interest Period in respect of any SOFR Borrowing, the Borrower shall have failed to deliver a separate Notice of Conversion/Continuation, then, unless such Borrowing or B/A Drawingis repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. Notwithstanding any other provision of this Section, no No Borrowing or B/A Drawing may be converted into into, or continued as as, a SOFR Borrowing if a Default or B/A Drawing with an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any SOFR Loans shall be permitted except on the last day of the Interest Period or Contract Periodin respect thereof. (d) Upon receipt of any Notice of Conversion/Continuation, as applicable, ending after the Maturity Date. This Section Administrative Agent shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedpromptly notify each Lender of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Molina Healthcare, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of To make an election pursuant to this Section, no the Borrower shall notify the Administrative Agent of such election by telephone or irrevocable written notice by hand delivery, telecopy or electronic communication to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by an Authorized Officer of the Borrower, in each case, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic communication to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by an Authorized Officer of the Borrower. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.03: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawing may a Eurodollar Borrowing; and if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one (1) month’s duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein and subject to the next sentence, at the end of such Interest Period such Borrowing shall be converted into or continued as to a Eurodollar Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.of one

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Four Corners Property Trust, Inc.)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request in accordance with Section 2.03 and, in the case of a Eurocurrency Borrowing or a CDOR SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest in accordance with Section 2.03. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a SOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such written Interest Election Request shall be irrevocable. (c) Each Interest Election Request shall be in writing and shall specify the following information in compliance with Section 2.03: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; -70- (iii) whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawinga SOFR Borrowing; and (iv) if the resulting Borrowing is to be a SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” If any such Interest Election Request requests a SOFR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request in accordance with this Section, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing. (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a SOFR Borrowing with an Interest Period of one month. Notwithstanding any other contrary provision hereof, if an Event of this SectionDefault has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing or B/A Drawing may be converted into to or continued as a SOFR Borrowing or B/A Drawing with an Interest Period or Contract Periodand (ii) unless repaid, as applicable, ending after the Maturity Date. This Section each SOFR Borrowing shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.to an ABR Borrowing at the end of the applicable Interest Period. Section 2.08

Appears in 1 contract

Samples: Credit Agreement (Virtus Investment Partners, Inc.)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term Benchmark Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Term Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (iii) no B/A Drawing Term Benchmark Borrowing denominated in a Foreign Currency or RFR Borrowing may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Term Benchmark Borrowing denominated in a Foreign Currency or an RFR Borrowing may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedBorrowing.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (North Haven Private Income Fund a LLC)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing or a CDOR Bill Xxxe Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurocurrency Revolving Borrowing or a Bill Xxxe Borrowing, may elect Interest Periods therefor, all as provided in this Section (Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Kellogg Co

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified Thereafter, the Borrower may elect, in the applicable request therefor. After the initial Borrowings under case of any Tranche Borrowing to convert such Borrowing to a different Type or to continue such Borrowing and, if applicablein the case of a LIBOR Borrowing, B/A Drawings, the Borrowers may elect to convert and continue such Borrowings andInterest Periods therefor, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.05. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably on a pro rata basis among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (b) Each interest election pursuant to this Section 2.05 shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by “pdf” or similar electronic format, in the form of a written Interest Election Request signed by the Borrower. (c) Each written Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an Base Rate Borrowing or B/A Drawinga LIBOR Borrowing; and (iv) if the resulting Borrowing is a LIBOR Borrowing, the Interest Period to be applicable thereto after giving effect to such election. Notwithstanding If any other provision of this Sectionsuch Interest Election Request made by the Borrower requests a LIBOR Borrowing but does not specify an Interest Period, no Borrowing or B/A Drawing may then the Borrower shall be converted into or continued as a Borrowing or B/A Drawing with deemed to have selected an Interest Period or Contract Periodof three (3) months’ duration. (d) Promptly following receipt of an Interest Election Request, as applicable, ending after the Maturity Date. This Section Administrative Agent shall not apply advise each Lender to Competitive Loans or to Contract Loans, which may not be converted or continuedsuch Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Exelon Generation Co LLC)

Interest Elections. (a) Each Revolving Borrowing, each Term Loan A Borrowing and each Incremental Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Loans denominated in Alternative Currencies from Eurocurrency Loans to ABR Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d), (iv) elect to convert any ABR Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c) or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply (vi) elect to Competitive Loans convert or to Contract Loans, which may not be converted or continuedcontinue any Swingline Borrowings.

Appears in 1 contract

Samples: Credit Agreement (SPX Corp)

Interest Elections. (a) Each Revolving Borrowing, Term Loan A Borrowing, Delayed Draw Term Loan A Borrowing and Incremental Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any other provision of this SectionLoans are denominated, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with (ii) elect to convert Qualified Global Currency Loans from Eurocurrency Loans to ABR Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d), (iv) elect to convert any ABR Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c) or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply (vi) elect to Competitive Loans convert or to Contract Loans, which may not be converted or continuedcontinue any Swingline Borrowings.

Appears in 1 contract

Samples: Credit Agreement (SPX Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Eurodollar Revolving Borrowing or a CDOR Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Revolving Borrowing or a Eurocurrency Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Borrowings or to Contract LoansSwingline Borrowings, which may not be converted or continued, but which may, in accordance with the other terms and conditions of this Agreement, be refinanced by Revolving Borrowings. To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by such Borrower. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing, a Eurodollar Borrowing or a Eurocurrency Borrowing (and, if so, whether Sterling or euro); and if the resulting Borrowing is a Eurodollar Borrowing or a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period". If any such Interest Election Request requests a Eurodollar Borrowing or a Eurocurrency Borrowing but does not specify an Interest Period, then (if a Eurocurrency Borrowing or a Eurodollar Borrowing, as the case may be, is available at such time pursuant to the terms hereof) the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing. If a Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing or a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) such a Eurodollar Borrowing shall be converted to an ABR Borrowing, and (ii) such a Eurocurrency Borrowing shall be continued for a one month Interest Period unless such an Interest Period would extend beyond the Maturity Date, in which case such a Eurocurrency Borrowing shall be continued for an Interest Period of a duration of shorter than one month which is mutually agreed upon among the Lenders, and if no such agreement can be reached, such Eurocurrency Borrowing shall be repaid upon the close of the then expiring Interest Period. Notwithstanding any contrary provision hereof, if the Administrative Agent has received notice from a Borrower or any Lender that an Event of Default has occurred and is continuing, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing or a Eurocurrency Borrowing, and (ii) unless repaid, each Eurodollar Revolving Borrowing and each Eurocurrency Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. Termination and Reduction of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date. The Borrowers may at any time voluntarily terminate, or from time to time voluntarily reduce, the Commitments; provided that (i) each voluntary reduction of the Commitments shall be in an amount that is an integral multiple of $500,000 (and not less than $500,000) and (ii) the Borrowers shall not voluntarily terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments. The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable. Subject to Section 2.11(c), the Commitments shall be automatically permanently reduced (or terminated if applicable) by an amount equal to one-half of the Net Proceeds of each Permitted Autologic Sale and each Thousand Oaks Financing. Upon the closing of each Permitted Autologic Sale and each Thousand Oaks Financing, the Domestic Borrower shall provide the Administrative Agent with a reasonably detailed written statement showing the calculation of Net Proceeds with respect to the applicable Permitted Autologic Sale or Thousand Oaks Financing. Any termination or reduction of the Commitments (whether voluntary or mandatory) shall be permanent. Each reduction of the Commitments (whether voluntary or mandatory) shall be made ratably among the Lenders in accordance with their respective Commitments.

Appears in 1 contract

Samples: Credit Agreement (Volt Information Sciences Inc)

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or a B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided PROVIDED in this Section (Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the applicable Maturity Date. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Salt Holdings Corp)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election in an Interest Election Request signed by the Borrower Representative and delivered by electronic mail or facsimile by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to paragraphs (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election and the last day of such Interest Period, which shall be a period contemplated by the definition of the term “Interest Period”. 66

Appears in 1 contract

Samples: Credit Agreement (Pilgrims Pride Corp)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. Eurodollar Borrowings of one Revolving Tranche may not be converted to a Eurodollar Borrowing of another Revolving Tranche. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone(i) in the case of a Borrowing denominated in dollars, by telephone and (ii) in the case of a Borrowing denominated in a Foreign Currency, by irrevocable written notice by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by an Authorized Officer of the Borrower, in each case, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election ny-11773361177179 Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by an Authorized Officer of the Borrower. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein and subject to the next sentence, at the end of such Interest Period such Borrowing shall be continued as an Eurodollar Borrowing with a one month Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Facility Lenders under the applicable Facility, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing under such Facility may be converted to or continued as a Eurodollar Borrowing and, (ii) unless repaid, each Eurodollar Borrowing denominated in dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) unless repaid, each Eurodollar ny-11773361177179 Borrowing denominated in a Foreign Currency shall be continued as a Eurodollar Borrowing with an Interest Period of one month.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Gramercy Property Trust Inc.)

Interest Elections. (a) Each 2020 Extended Term Loan shall initially be deemed to be a Eurodollar Borrowing with an initial Interest Period equal to the remaining duration (as of the Sixth Amendment Date) of the Interest Period applicable to the Existing Term Loans (as defined in the Sixth Amendment) from which such 2020 Extended Term Loans were converted. Each 2016 Term Loan shall initially be deemed to be a Eurodollar Borrowing with the Interest Period in effect under the Original Credit Agreement immediately prior to the Sixth Amendment Date. Each other Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche andThereafter, if applicable, B/A Drawings, the Borrowers theThe Borrower Representative may subsequently elect to convert and sucha Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedBorrowing.

Appears in 1 contract

Samples: Credit Agreement (Chefs' Warehouse, Inc.)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of 364-Day Credit Agreement the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided that (it being understood that i) a Syndicated Borrowing denominated in one currency may not be continued as, or converted to, a Syndicated Borrowing in a different currency, (ii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Credit Exposures would exceed the aggregate Commitments, and (iii) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Cambrex Corp)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Term SOFR Borrowing or Foreign Currency Borrowing (other than a CDOR BorrowingForeign Currency Borrowing denominated in an RFR Currency), shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term SOFR Borrowing or a Foreign Currency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) no B/A Drawing Foreign Currency Borrowing may be converted into an ABR Borrowing, a Term SOFR Borrowing or continued other than at a Foreign Currency Borrowing that is denominated in a different Designated Foreign Currency, and (ii) any conversion of a Term SOFR Borrowing into an ABR Borrowing shall be made on, and only on, the end last day of the Contract an Interest Period applicable thereto)for such Term SOFR Loans. The Borrowers A Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a conversion from or continuation of a Term SOFR Borrowing, not later than 1:00 p.m., New York City time, two Business Days before the date of the proposed Borrowing, (ii) in the case of a conversion from or continuation of a Foreign Currency Borrowing, not later than 1:00 p.m., New York City time, three Business Days (or in the case of a Foreign Currency Borrowing designated in Yen, four Business Days) before the date of the proposed Borrowing, and (iii) in the case of a conversion to an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by such Xxxxxxxx. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing, a Term SOFR Borrowing or a Foreign Currency Borrowing; and if the resulting Borrowing is a Term SOFR Borrowing or a Foreign Currency Borrowing (other than a Foreign Currency Borrowing denominated in an RFR Currency), the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Term SOFR Borrowing or Foreign Currency Borrowing (other than a Foreign Currency Borrowing denominated in an RFR Currency) but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing. If a Borrower fails to deliver a timely Interest Election Request with respect to a Term SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. If a Borrower fails to deliver a timely Interest Election Request with respect to a Foreign Currency Borrowing prior to the end of the Interest Period applicable thereto, then such Borrower shall be required to repay such Foreign Currency Borrowing in full. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the applicable Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing under the Revolving Facility may be converted to or continued as a Term SOFR Borrowing or Foreign Currency Borrowing and (ii) unless repaid, each Term SOFR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) each Foreign Currency Borrowing shall be required to be repaid in full.

Appears in 1 contract

Samples: Revolving Credit Agreement (Cooper Companies, Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing. (b) To make an election pursuant to this Section, the Borrower shall notify the Lender of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or B/A Drawingstelecopy to the Lender of a written Interest Election Request in a form approved by the Lender and signed by the Borrower. (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case each such portion the information to be specified pursuant to clauses (iii) and (iv) below shall be allocated ratably among specified for each resulting Borrowing); (ii) the Lenders holding effective date of the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period". If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. (d) If the Borrower fails to deliver a timely Interest Election Request with respect to any a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such portion Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be considered a separate Borrowing or B/A Drawingconverted to an ABR Borrowing. Notwithstanding any other contrary provision hereof, if an Event of this SectionDefault has occurred and is continuing and the Lender so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing or B/A Drawing may be converted into to or continued as a Eurodollar Borrowing or B/A Drawing with and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period or Contract Period, as applicable, ending after the Maturity Dateapplicable thereto. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedSECTION 2.06.

Appears in 1 contract

Samples: Jpmorgan Credit Agreement (Central Vermont Public Service Corp)

Interest Elections. (a) Each Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section, provided, however, that (it being understood that i) a Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Revolving Commitments, and (iv) a Eurocurrency Revolving Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (BlackRock Kelso Capital CORP)

Interest Elections. (a) Each Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche andThereafter, if applicable, B/A Drawingssubject to Section 2.06(e), the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Borrowing of a Class may only be continued or converted into a Borrowing of the same Class, (ii) a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (iii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end into a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, Borrowing (except as the case may beprovided under Section 2.12(b)), and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedBorrowing.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (FS Energy & Power Fund)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers may elect different options with respect to different 37 portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (a) To make an election pursuant to this Section, the Borrowers shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by an Authorized Officer of each Borrower. (b) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawinga Eurodollar Borrowing; and (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. (c) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. (d) If the Borrowers fail to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein and subject to the next sentence, at the end of such Interest Period such Borrowing shall be continued as an Eurodollar Borrowing with a one month Interest Period. Notwithstanding any other contrary provision hereof, if an Event of this SectionDefault has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, 38 so notifies the Borrowers, then, so long as an Event of Default is continuing (i) no outstanding Borrowing or B/A Drawing under the Term Facility may be converted into to or continued as a Eurodollar Borrowing, and (ii) unless repaid, each Eurodollar Borrowing or B/A Drawing with shall be converted to an ABR Borrowing at the end of the Interest Period or Contract Period, as applicable, ending after the Maturity Dateapplicable thereto. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedSECTION 2.09.

Appears in 1 contract

Samples: Term Loan Agreement

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Disbursement Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such Borrowings portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Borrower shall give the Agent written notice (or accepting the B/As comprising such B/A Drawingstelephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.5 attached hereto (a "Notice of Conversion/Continuation") (x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and any Loans (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or Bconversion into a Eurodollar Borrowing. Each such Notice of Conversion/As resulting from an election made Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing, and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of "Interest Period". If any such portion Notice of Conversion/Continuation requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall be considered deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set forth in Section 2.2(b). (c) If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a separate Notice of Conversion/Continuation, then, unless such Borrowing or B/A Drawingis repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. Notwithstanding any other provision of this Section, no No Borrowing or B/A Drawing may be converted into into, or continued as as, a Eurodollar Borrowing if a Default or B/A Drawing with an Event of Default exists, unless the Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Eurodollar Loan shall be permitted except on the last day of the Interest Period or Contract Periodin respect thereof. (d) Upon receipt of any Notice of Conversion/Continuation, as applicable, ending after the Maturity DateAgent shall promptly notify each Lender of the details thereof and of such Lender's portion of each resulting Borrowing. This 18 Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.2.6

Appears in 1 contract

Samples: Credit Agreement

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency 24 Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (b)To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by telephone or irrevocable written notice (via an Interest Election Request signed by the Borrower) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or B/A Drawingtelecopy to the Administrative Agent of a written Interest Election Request signed by the Borrower. Notwithstanding any other contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d). (c)Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: (i)the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii)the effective date of this Sectionthe election made pursuant to such Interest Election Request, no which shall be a Business Day; (iii)whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawing a Eurocurrency Borrowing; and (iv)if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. (e)If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted into to or continued as a Eurocurrency Borrowing or B/A Drawing with and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period or Contract Period, as applicable, ending after the Maturity Dateapplicable thereto. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedSECTION 2.09.

Appears in 1 contract

Samples: Asset Purchase Agreement

Interest Elections. (a) Each Revolving Borrowing Initial Term Borrowing and Tranche A Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or designated by Section 2.03. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.07. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract Swing Loans, which shall be made and maintained as Base Rate Loans and may not be converted or continued.to Eurodollar Loans. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and shall be signed by the Borrower. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.03: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

Appears in 1 contract

Samples: Credit Agreement (Digital Media Solutions, Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Borrowing of Eurocurrency Borrowing Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert and such Borrowing, with respect to the applicable Subfacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of Eurocurrency Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than twenty Borrowings of Eurocurrency Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision one time (which number of this Section, no Borrowing or Borrowings of Eurocurrency Rate Loans and/or B/A Drawing Equivalent Loans may be converted into increased or continued as a Borrowing or Badjusted by agreement between the Company and the Administrative Agent in connection with any Extended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Restatement Agreement (SunOpta Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicableand in the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not NOT apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall give the Administrative Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.8 hereto (a "Notice of Conversion/Continuation") that is to be converted or continued, as the case may be, (x) prior to 11:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or conversion into a Eurodollar Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Continuation/Conversion applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Continuation/Conversion, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of "Interest Period". If any such Notice of Continuation/Conversion requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set forth in Section 2.3. (c) If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/ Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Eurodollar Loans shall be permitted except on the last day of the Interest Period in respect thereof. (d) Upon receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender's portion of each resulting Borrowing. Section 2.9

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Ruby Tuesday Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Credit Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Credit Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the applicable Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Borrowings or to Contract LoansSwingline Borrowings, which may not be converted or continued. To make an election pursuant to this Section, the Borrower shall deliver to the Administrative Agent a signed Interest Election Request in a form approved by the Administrative Agent (or notify the Administrative Agent by telephone, to be promptly confirmed by delivery to the Administrative Agent of a signed Interest Election Request) by the time that a Credit Request would be required under Section 2.3 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic and written Interest Election Request shall be irrevocable and shall specify the following information: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period". If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender's portion of each resulting Borrowing. If the Borrower fails to deliver a timely Interest Election Request prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

Appears in 1 contract

Samples: Credit Agreement (Bisys Group Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing, an Alternative Currency Term Benchmark Borrowing or a CDOR Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or designated by Section 2.03. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to an Alternative Currency Term Benchmark Borrowing or as other Borrowings anda Term SOFR Borrowing, if applicablemay elect Interest Periods therefor, B/A Drawings under such Tranche all as provided in this Section (it being understood that Section; provided that, notwithstanding anything to the contrary herein, no B/A Drawing Loan may be converted into or continued as a Loan denominated in a different currency but instead must be prepaid in the original currency of such Loan and reborrowed in the other than at the end of the Contract Period applicable thereto)currency. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.05 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and confirmed promptly to the Administrative Agent by hand delivery, facsimile or other electronic transmission to the Administrative Agent in the form of a written Interest Election Request signed by the Borrower. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.03: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

Appears in 1 contract

Samples: First Lien Credit Agreement (Cyxtera Technologies, Inc.)

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Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request andNotice of Borrowing, and in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicableand in the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued. To make an election pursuant to this Section, the Borrower shall give the Administrative Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing (a “Notice of Conversion/Continuation”) that is to be converted or continued, as the case may be, (x) prior to 11:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or conversion into a Eurodollar Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Continuation/Conversion applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Continuation/Conversion, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of Continuation/Conversion requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set forth in Section 2.3. If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/ Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Eurodollar Loans shall be permitted except on the last day of the Interest Period in respect thereof. Upon receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

Appears in 1 contract

Samples: Revolving Credit Agreement (Aaron Rents Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances, or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through Electronic System if arrangements for doing so have been approved by the Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone) by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable each such telephonic Interest Election Request, if permitted, shall be confirmed immediately upon the cessation of the Extenuating Circumstance by hand delivery, Electronic System or facsimile to the Administrative Agent of a written Interest Election Request in the form attached hereto as Exhibit G-2 (or such other form approved by the Administrative Agent) and signed by a Responsible Officer of the Borrower Representative. Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d). (c) Each written (or if permitted, telephonic) Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing; and (iv) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 67

Appears in 1 contract

Samples: Credit Agreement (Winnebago Industries Inc)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing or a CDOR Bxxx Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurocurrency Revolving Borrowing or a Bxxx Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section (Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Swingline Loans or to Contract LoansCompetitive Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Kellogg Co)

Interest Elections. (a) Each Borrowing initially shall be of the Type Type, and under the applicable Class, specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert such Borrowing to a different Type (except that (i) Term B-2 Loans shall at all times be Fixed Rate Term Loans and (ii) neither the Initial Term A Loans, the Term B-1 Loans nor any other Class of Loans that is not established as a Class of Fixed Rate Term Loans may be converted to Fixed Rate Term Loans) or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at Section. TheExcept with respect to Fixed Rate Term Loans, the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.07 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued. Notwithstanding any other provision of this Section 2.07, the Borrower shall not be permitted to change the Class of any Borrowing. Notwithstanding the foregoing, prior to the Closing Date, all Initial Term B-1 Loans shall be maintained as Eurocurrency Term Loans and, notwithstanding anything in this Agreement to the contrary, each Interest Period prior to the Closing Date shall, subject to Section 2.07(f), be one month in duration.

Appears in 1 contract

Samples: Credit Agreement (Dollar Tree Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term SOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower Representative. (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) the Type of Borrowing; and (iv) if the resulting Borrowing is a Term SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Term SOFR Borrowing, but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. (e) If the Borrower Representative fails to deliver a timely Interest Election Request with respect to a Term SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless

Appears in 1 contract

Samples: Credit Agreement (Designer Brands Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing or a CDOR Xxxx Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurocurrency Revolving Borrowing or a Xxxx Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section (Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Kellogg Co)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term Benchmark Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term Benchmark Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and shall be signed by an Authorized Officer of the Borrower. (c) Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made. (d) Each Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Agreed Currency and principal amount of Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing (in the case of Borrowings denominated in Dollars), a Term Benchmark Borrowing or an RFR Borrowing (in the case of Borrowings denominated in Dollars); and (iv) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this Section 2.08(c) a Canadian Prime Loan, except to the extent provided in Section 2.14.

Appears in 1 contract

Samples: Credit Agreement (Trinity Industries Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Eurodollar Borrowing or and a CDOR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing and a CDOR Rate Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either in writing (delivered by hand or by email as a PDF document) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Each Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different 43

Appears in 1 contract

Samples: Execution Version Credit Agreement (Lawson Products Inc/New/De/)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic transmission to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d) or (ii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

Appears in 1 contract

Samples: Credit Agreement (Puget Sound Energy Inc)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (iii) no B/A Drawing Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted or continued other than at the end to a Borrowing of the Contract Period applicable thereto)a different Type. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Sixth Street Specialty Lending, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR EurocurrencyTerm Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing, convert any Term Benchmark Loan into an ABR Borrowing or convert any ABR Borrowing into a Term Benchmark Loan and, if applicablein the case of a EurocurrencyTerm Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that Section; provided that, for the avoidance of doubt, in no B/A Drawing event may any Term Benchmark Loan or ABR Loan be converted or continued into an Adjusted Daily Simple SOFR Loan other than at the end of the Contract Period applicable theretoin connection with a Benchmark Replacement described in Section 2.13(b)(x). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of this SectionAgreement, no from and after the First Amendment Effective Date, any outstanding Borrowing that the Borrower requests to continue as, or B/A Drawing may convert into, a Eurocurrency Borrowing (as defined in the Agreement prior to the First Amendment Effective Date) shall instead be converted into or continued as a Borrowing or B/A Drawing Term Benchmark Loan with the Interest Period specified in the applicable Interest Election Request (or, if no Interest Period is specified in such Interest Election Request, an Interest Period or Contract Period, as applicable, ending after of one month) at the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedend of the then-current Interest Period applicable thereto.

Appears in 1 contract

Samples: Credit Agreement (Vmware, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency EurodollarTerm SOFR Borrowing or Foreign Currency Borrowing (other than a CDOR BorrowingForeign Currency Borrowing denominated in an RFR Currency), shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurodollarTerm SOFR Borrowing or a Foreign Currency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided, however, that (it being understood that i) no B/A Drawing Foreign Currency Borrowing may be converted into an ABR Borrowing, a EurodollarTerm SOFR Borrowing or continued other than at a Foreign Currency Borrowing that is denominated in a different Designated Foreign Currency, and (ii) any conversion of a EurodollarTerm SOFR Borrowing into an ABR Borrowing shall be made on, and only on, the end last day of the Contract an Interest Period applicable thereto)for such EurodollarTerm SOFR Loans. The Borrowers A Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Cooper Companies, Inc.)

Interest Elections. (a) Each Borrowing Revolving BorrowingBorrowing (and, for the avoidance of doubt with respect to this Section 2.08, each Tranche of Delayed Draw Term Loans shall constitute a "Borrowing") initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Borrowing of Eurocurrency Borrowing Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert and such Borrowing, with respect to the applicable SubfFacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of Eurocurrency Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than twenty Borrowings of Eurocurrency Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision one time (which number of this Section, no Borrowing or Borrowings of Eurocurrency Rate Loans and/or B/A Drawing Equivalent Loans may be converted into increased or continued as a Borrowing or Badjusted by agreement between the Company and the Administrative Agent in connection with any Extended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Second Restatement Agreement (SunOpta Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestRequest or as otherwise provided in Section 2.03. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and any Borrowing denominated in US Dollars to a different Type or to continue such Borrowings any Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.08 shall not apply to Competitive Loans or to Contract LoansXXXXX Borrowings, which may not be converted or continued. [[5701865]] Borrowers shall, not later than the next Business Day prepay Borrowings under the applicable Tranche in an aggregate amount equal to the amount of such excess, and in the event that after such prepayment of Borrowings any such excess shall remain, the Borrowers shall deposit with the Administrative Agent cash in US Dollars in an amount equal to the amount of such excess as collateral to be held by the Administrative Agent in accordance with Section 2.06(j); provided that if such excess results from a change in Exchange Rates, such prepayment and deposit shall be required to be made not later than the fifth Business Day after the day on which the Administrative Agent shall have given the Company notice of such excess. Prepayments made under this paragraph shall be without any premium or penalty (but shall be subject to Section 2.16). It is understood that nothing in this paragraph shall modify the obligations of the Borrowers set forth in paragraph (b) above.

Appears in 1 contract

Samples: Credit Agreement (Expedia Group, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case Notice of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such Borrowings portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Borrower shall give the Administrative Agent written notice (or accepting the B/As comprising such B/A Drawingstelephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.7 attached hereto (a “Notice of Conversion/Continuation”) (x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and any Loans (y) prior to 11:00 a.m. three (3) U.S. Government Securities Business Days prior to a continuation of or Bconversion into a EurodollarSOFR Borrowing. Each such Notice of Conversion/As resulting from an election made Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a EurodollarSOFR Borrowing, and (iv) if the resulting Borrowing is to be a EurodollarSOFR Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such portion Notice of Conversion/ Continuation requests a EurodollarSOFR Borrowing but does not specify an Interest Period, the Borrower shall be considered deemed to have selected an Interest Period of one (1) month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for EurodollarSOFR Borrowings and Base Rate Borrowings set forth in Section 2.3. (c) If, on the expiration of any Interest Period in respect of any EurodollarSOFR Borrowing, the Borrower shall have failed to deliver a separate Notice of Conversion/Continuation, then, unless such Borrowing or B/A Drawingis repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. Notwithstanding any other provision of this Section, no No Borrowing or B/A Drawing may be converted into into, or continued as as, a EurodollarSOFR Borrowing if a Default or B/A Drawing with an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any EurodollarSOFR Loan shall be permitted except on the last day of the Interest Period or Contract Periodin respect thereof. (d) Upon receipt of any Notice of Conversion/Continuation, as applicable, ending after the Maturity DateAdministrative Agent shall promptly notify each Lender of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.2.8

Appears in 1 contract

Samples: Credit Agreement (Apollo Medical Holdings, Inc.)

Interest Elections. (a) Each Term Loan Borrowing or Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR BorrowingEurodollar Rate Advance, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing Notice of Borrowing, provided, that each US Revolving Advance made as a result of a drawing under a Letter of Credit shall be a Base Rate Advance unless and until each US Revolving Lender shall have acquired participations equal to such Lender’s Pro Rata Share of the amount drawn under such Letter of Credit pursuant to Section 2.02(b)(ii) (after which time the Company shall be entitled, pursuant to the immediately succeeding sentence, to convert any such Base Rate Advance to a Contract Period as specified in Eurodollar Rate Advance). Thereafter, subject to the provisions of Section 2.16 with respect to Bankers’ Acceptances and BA Equivalent Notes, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Term Loan Borrowing or Revolving Borrowing to a different Type of Term Loan or Revolving Advance denominated in the same currency or to continue such Borrowings Term Loan Borrowing or Revolving Borrowing and, if applicablein the case of a Eurodollar Rate Advance, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Term Loan Borrowing or B/A DrawingsRevolving Borrowing, in which case each such portion Term Loan Borrowing or Revolving Borrowing shall be allocated ratably among the Lenders holding having made the Loans Advances comprising such Borrowings Term Loan Borrowing or accepting the B/As comprising such B/A Drawings, as the case may beRevolving Borrowing, and any Loans or B/As resulting from an election made with respect to any the Advances comprising each such portion shall be considered a separate Term Loan Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateRevolving Borrowing. This Section shall not apply to Competitive Loans or to Contract LoansBid Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Olin Corp)

Interest Elections. (a) Elections by the Borrower for Syndicated Borrowings. Each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Syndicated Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and any such Borrowing denominated in Dollars to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Syndicated Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood provided that no B/A Drawing Syndicated Eurocurrency Borrowings denominated in Sterling may not be converted or continued other than at the end of the Contract Period applicable theretoconverted). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing; provided that no Syndicated Eurocurrency Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing denominated in Sterling may be converted into continued if, after giving effect thereto, (i) the sum of the Tranche II Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans made by Tranche II Revolving Lenders would exceed the Tranche II Revolving Commitments or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after (ii) the Maturity Datesum of the aggregate principal amount of outstanding Tranche II Revolving Loans and Competitive Loans denominated in Sterling would exceed (pound)50,000,000. This Section shall not apply to Competitive Loans Borrowings or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Canandaigua LTD)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Alternate Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have ; provided, that, if the applicable Borrower fails to specify a Contract Period as specified Type of Loan in the Borrowing Request, then the Loans shall be made as ABR Loans and if the applicable request thereforBorrower requests a Borrowing of Eurocurrency Loans or Alternate Rate Loans, but fails to specify an Interest Period, it will be deemed to have requested an Interest Period of one month’s duration. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and such Borrowing to a different Type (excluding Multicurrency Tranche Revolving Credit Borrowings which may not be so converted) or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing or Alternate Rate Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.9. The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of this SectionSection 2.9, no (i) the applicable Borrower will not be permitted to change the currency of any Borrowing or B/A Drawing may and (ii) Loans denominated in an Approved Currency (other than US Dollars) will not be permitted to be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedABR Revolving Credit Borrowings.

Appears in 1 contract

Samples: Intercreditor Agreement (Forterra, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Revolving Facility Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR BorrowingEurodollar Rate BorrowingSOFR Loan, shall have an initial Interest Period as specified in such Revolving Facility Borrowing Request or, if no Interest Period is specified in such Revolving Facility Borrowing Request, an initial Interest Period of one month’s duration. Each B/A Drawing shall have a Contract Period as specified in Thereafter, the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Rate BorrowingSOFR Loan, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Revolving Facility Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Revolving Facility Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract Loans, Swing Line Borrowings which may not be converted or continued. (b) To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election in writing (which may be delivered electronically) by the time that a Revolving Facility Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Each Interest Election Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Rate BorrowingSOFR Loan; and 84 (iv) if the resulting Borrowing is a Eurodollar Rate BorrowingSOFR Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” (v) If any such Interest Election Request requests a Eurodollar Rate BorrowingSOFR Loan but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing. (e) If the applicable Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Rate BorrowingSOFR Loan prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means) of the Required Lenders, so notifies the Borrowers, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Rate BorrowingSOFR Loan and (ii) unless repaid, each Eurodollar Rate BorrowingSOFR Loan shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. Section 2.08

Appears in 1 contract

Samples: Credit Agreement (Constellium Se)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR EurodollarSOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurodollarSOFR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Lender of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through Electronic System, if arrangements for doing so have been approved by the Lender, by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Each telephonic and written Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a CBFR Borrowing or B/A Drawinga EurodollarSOFR Borrowing; and (iv) if the resulting Borrowing is a EurodollarSOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a EurodollarSOFR Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. (d) If the Borrower Representative fails to deliver a timely Interest Election Request with respect to a EurodollarSOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a CBFR Borrowing. Notwithstanding any other contrary provision hereof, if an Event of this SectionDefault has occurred and is continuing and the Lender so notifies the Borrower Representative, then, so long as an Event of Default is continuing (i) no outstanding Borrowing or B/A Drawing may be converted into to or continued as a EurodollarSOFR Borrowing or B/A Drawing with an and (ii) unless repaid, each EurodollarSOFR Borrowing shall be converted to a CBFR Borrowing at the end of the Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedapplicable thereto.

Appears in 1 contract

Samples: Credit Agreement (Harmonic Inc)

Interest Elections. (a) Each Elections by the Borrower for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Syndicated Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial the Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a Borrowing of a different Type or to continue such Borrowings Borrowing as a Borrowing of the same Type and, if applicablein the case of a Syndicated Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect the Interest Period therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section Section; provided that (it being understood that i) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (ii) no B/A Drawing Syndicated Eurocurrency Borrowing denominated in a Foreign Currency may be converted or continued other than at if, after giving effect thereto, the end sum of the Contract Period applicable thereto)Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the aggregate Commitments, and (iii) a Syndicated Eurocurrency Borrowing denominated in a Foreign Currency may not be converted to a Borrowing of a different Type. The Borrowers Borrower may Credit Agreement elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising constituting such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any constituting each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Borrowings or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Teleflex Inc)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Term Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Term Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section. Subject to the requirements of Section (it being understood that no B/A Drawing may be converted or continued other than at 2.02(c), the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A Drawings, in which case each such portion shall be allocated ratably among the Lenders holding Borrowing and the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of (b) To make an election pursuant to this Section, no the Borrower shall notify the Lender of such election by telephone or electronic mail the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each Interest Election Request shall be irrevocable and, in the case of a telephonic Interest Election Request, shall be confirmed promptly by hand delivery, electronic mail or telecopy to the Lender of a written Interest Election Request in a form approved by the Lender and signed by the Borrower. (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawing may be converted into or continued as a Term Benchmark Borrowing; and (iv) if the resulting Borrowing or B/A Drawing with an is a Term Benchmark Borrowing, the Interest Period or Contract Period, as applicable, ending to be applicable thereto after the Maturity Date. This Section shall not apply giving effect to Competitive Loans or to Contract Loanssuch election, which may not shall be converted or continueda period contemplated by the definition of the term “Interest Period”.

Appears in 1 contract

Samples: 96140098v24 Execution Version Credit Agreement (Aspen Technology, Inc.)

Interest Elections. (a) Each Revolving Borrowing and ------------------ Term Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing RequestNotice of Borrowing. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and continue such Borrowings and, if applicable, Borrowing or a B/A Drawings Drawing to a different Type or as other Borrowings and, if applicable, to continue such Borrowing or B/A Drawings under such Tranche Drawing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section (Section, it being understood that no B/A Drawing may be -------- converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers applicable Borrower may elect different options with respect to different portions of the affected Borrowings Borrowing or B/A DrawingsDrawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings Borrowing or accepting the B/As comprising such B/A DrawingsDrawing, as the case may be, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the applicable Maturity Date. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (GSL Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Borrowing of Eurocurrency Borrowing Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert and such Borrowing, with respect to the applicable Subfacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of Eurocurrency Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than twenty Borrowings of Eurocurrency Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision one time (which number of this Section, no Borrowing or Borrowings of Eurocurrency Rate Loans and/or B/A Drawing Equivalent Loans may be converted into increased or continued as a Borrowing adjusted by agreement between the Company and the Administrative Agent in connection with any Revolving Commitment Increase or BExtended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (SunOpta Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Eurocurrency Borrowing of LIBOR Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert such Borrowing, with respect to the U.S. Subfacility and Canadian Subfacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of LIBOR Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than ten Borrowings of LIBOR Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Dateone time. This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (Resolute Forest Products Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request (it being understood all Borrowings in a Foreign Currency shall be Eurocurrency Borrowings) and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Term Facility Borrower may elect to convert and such Borrowing to a different Type (in the case of Borrowings denominated in Dollars), or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Term Facility Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Term Facility Borrower shall notify the Administrative Agent of such election (which shall be in writing unless otherwise agreed to by the Administrative Agent) by the time that a Borrowing Request would be required under Section 2.03 if the Term Facility Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and by means of a written Interest Election Request delivered to the Administrative Agent in a form approved by the Administrative Agent and signed by the Term Facility Borrower. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.02: 30 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) in the case of a Borrowing denominated in Dollars, whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawinga Eurocurrency Borrowing; and (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” If any such Interest Election Request does not specify the Type of the resulting Borrowing and the resulting Borrowing is to be denominated in Dollars, then the resulting Borrowing shall be an ABR Borrowing. If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Term Facility Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing. (e) If the Term Facility Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing on or prior to the third Business Day prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing, or in the case of Borrowings denominated in a Foreign Currency, a Eurocurrency Borrowing with an Interest Period of one month’s duration commencing on the last day of such Interest Period. Notwithstanding any other contrary provision hereof, if an Event of this SectionDefault has occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means) of the Required Lenders, so notifies the Term Facility Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing or B/A Drawing denominated in Dollars may be converted into to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing or B/A Drawing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) each Borrowing denominated in a Foreign Currency will, at the expiration of the then current Interest Period, be automatically continued as a Eurocurrency Borrowing with an Interest Period or Contract Period, as applicable, ending after the Maturity Dateof one month. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continued.SECTION 2.06

Appears in 1 contract

Samples: Term Loan Credit Agreement

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing , and the Term Loan shall have a Contract Period as specified in be of the applicable request therefor. After the initial Borrowings under any Tranche Type and, if applicablea Eurodollar Loan, B/A Drawingsshall have the Interest Period, set forth in the notice delivered by the Borrower pursuant to Section 2.5; provided that no Interest Period for any Revolving Borrowing may end on a date that is later than the Revolver Termination Date in effect at the time of such election. Thereafter and until (i) the Conversion Date, in the case of Revolving Borrowings, and (ii) the Maturity Date, in the case of the Term Loan, the Borrowers Borrower may elect to convert and such Borrowing or the Term Loan to a different Type or to continue such Borrowings Borrowing or the Term Loan and, if applicablein the case of a Eurodollar Revolving Borrowing or a Eurodollar Term Loan, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at Section. Except in the end case of the Contract Period applicable thereto). The Borrowers Term Loan, the Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued.

Appears in 1 contract

Samples: Day Credit Agreement (Fred Meyer Inc)

Interest Elections. (a) Each Revolving Borrowing, the Term Loan A Borrowing, the Delayed Draw Term Loan Borrowing and each Incremental Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request Request, and, in the case of a Eurocurrency Eurodollar Borrowing or a CDOR an AC Term Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have Thereafter, a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A Drawings, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing, and, if applicablein the case of a Eurodollar Borrowing or an AC Term Rate Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/2.8. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case case, each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding anything to the contrary in the foregoing, a Borrower may not: (i) elect to convert the Alternative Currency or other currency in which any Loans are denominated; (ii) elect to convert Loans denominated in Alternative Currencies from AC Daily Rate Loans or AC Term Rate Loans, on the one hand, to ABR Loans or Eurodollar Loans, on the other provision of this Sectionhand, no Borrowing or B/A Drawing may be converted into vice versa; (iii) elect to convert AC Term Rate Loans to AC Daily Rate Loans, or continued as a Borrowing or B/A Drawing with vice versa; (iv) elect an Interest Period or Contract Period, as applicable, ending after the Maturity Date. This Section shall not apply to Competitive for Eurodollar Loans or AC Term Rate Loans that does not comply with Section 2.2(d); (v) elect to Contract convert any ABR Loans to Eurodollar Loans that would result in the number of combined Eurodollar Borrowings and AC Term Rate Borrowings exceeding the maximum number of combined Eurodollar Borrowings and AC Term Rate Borrowings permitted under Section 2.2(c); (vi) elect an Interest Period for Eurodollar Loans or AC Term Rate Loans, unless the aggregate outstanding principal amount of Eurodollar Loans and AC Term Rate Loans (including any Eurodollar Loans and/or AC Term Rate Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to which may not be converted such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c); or continued(vii) elect to convert or continue any Swingline Borrowings.

Appears in 1 contract

Samples: Credit Agreement (SPX FLOW, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through Electronic System if arrangements for doing so have been approved by the Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone) by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and each such telephonic Interest Election Request, if permitted, shall be confirmed immediately upon the cessation of the Extenuating Circumstance by hand delivery, Electronic System or facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by a Responsible Officer of the Borrower Representative. (c) Each written (or if permitted, telephonic) Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions DB1/ 102580159.10 45

Appears in 1 contract

Samples: Version Credit Agreement (Nautilus, Inc.)

Interest Elections. (ai) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect new Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansBorrowings, which may not be converted or continued. In order to make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

Appears in 1 contract

Samples: Credit Facility Agreement (Belo Corp)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing Request and, in the case of a Borrowing of Eurocurrency Borrowing Rate Loans or a CDOR BorrowingB/A Equivalent Loans, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a or Contract Period as specified in the applicable request thereforsuch Notice of Borrowing. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Relevant Borrower may elect to convert and such Borrowing, with respect to the applicable Subfacility, as applicable, to a different Type or to continue such Borrowings Borrowing and, if applicable, in the case of a Borrowing of Eurocurrency Rate Loans or B/A Drawings to Equivalent Loans, may elect Interest Periods or Contract Periods, as other Borrowings and, if applicable, B/A Drawings under such Tranche therefor, all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Relevant Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing Borrowing. Notwithstanding anything to the contrary, the Borrowers shall not be entitled to request any conversion or continuation that, if made, would result in more than fifteentwenty Borrowings of Eurocurrency Rate Loans or ten Borrowings of B/A Drawing. Notwithstanding Equivalent Loans, outstanding hereunder at any other provision one time (which number of this Section, no Borrowing or Borrowings of Eurocurrency Rate Loans and/or B/A Drawing Equivalent Loans may be converted into increased or continued as a Borrowing adjusted by agreement between the Company and the Administrative Agent in connection with any Revolving Commitment Increase or BExtended Revolving Loans/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateExtended Revolving Commitments). This Section 2.08 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.

Appears in 1 contract

Samples: Credit Agreement (SunOpta Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR EurodollarTerm Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a EurodollarTerm Benchmark Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)2.08. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of (b) To make an election pursuant to this Section, no the Borrower shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Financial Officer of the Borrower or through Electronic Systems, if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Each Interest Election Request (including requests submitted through Electronic Systems) shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or B/A Drawing may be converted into or continued as a EurodollarTerm Benchmark Borrowing; and (iv) if the resulting Borrowing or B/A Drawing with an is a EurodollarTerm Benchmark Borrowing, the Interest Period or Contract Period, as applicable, ending to be applicable thereto after the Maturity Date. This Section shall not apply giving effect to Competitive Loans or to Contract Loanssuch election, which may not shall be converted or continued.a period contemplated by the definition of the term “ Interest Period”. 43

Appears in 1 contract

Samples: Credit Agreement (Clear Secure, Inc.)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case Notice of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing into a different Type or to continue such Borrowings andBorrowing, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such Borrowings portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the Borrower shall give the Administrative Agent written notice (or accepting the B/As comprising such B/A Drawingstelephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.7 attached hereto (a “Notice of Conversion/Continuation”) (x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and any Loans (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or Bconversion into a EurodollarSOFR Borrowing. Each such Notice of Conversion/As resulting from an election made Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a EurodollarSOFR Borrowing, and (iv) if the resulting Borrowing is to be a EurodollarSOFR Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such portion Notice of Conversion/ Continuation requests a EurodollarSOFR Borrowing but does not specify an Interest Period, the Borrower shall be considered deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for EurodollarSOFR Borrowings and Base Rate Borrowings set forth in Section 2.3. (c) If, on the expiration of any Interest Period in respect of any EurodollarSOFR Borrowing, the Borrower shall have failed to deliver a separate Notice of Conversion/Continuation, then, unless such Borrowing or B/A Drawingis repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. Notwithstanding any other provision of this Section, no No Borrowing or B/A Drawing may be converted into into, or continued as as, a EurodollarSOFR Borrowing if a Default or B/A Drawing with an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any EurodollarSOFR Loan shall be permitted except on the last day of the Interest Period or Contract Periodin respect thereof. (d) Upon receipt of any Notice of Conversion/Continuation, as applicable, ending after the Maturity Date. This Section Administrative Agent shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedpromptly notify each Lender of the details thereof and of such Xxxxxx’s portion of each resulting Borrowing.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Amneal Pharmaceuticals, Inc.)

Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Revolving Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans or to Contract LoansSwingline Borrowings, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower. (c) Each Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, 37

Appears in 1 contract

Samples: Credit Agreement (Schneider National, Inc.)

Interest Elections. (a) (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances, or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and shall be signed by a Financial Officer of the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d). (c) Each Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be 59

Appears in 1 contract

Samples: Credit Agreement (Farmer Brothers Co)

Interest Elections. (a) Each Borrowing initially shall be of the Type Type, and under the applicable Class, specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower may elect to convert such Borrowing to a different Type (except that (i) Term B-2 Loans shall at all times be Fixed Rate Term Loans and (ii) neither the Term A-1 Loans, the Term B-1 Loans, the Term B-3 Loans nor any other Class of Loans that is not established as a Class of Fixed Rate Term Loans may be converted to Fixed Rate Term Loans) or to continue such Borrowings Borrowing and, if applicablein the case of a Eurocurrency Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at Section. Except with respect to Fixed Rate Term Loans, the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section 2.07 shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued. Notwithstanding any other provision of this Section 2.07, the Borrower shall not be permitted to change the Class of any Borrowing. Notwithstanding the foregoing, prior to the Closing Date, all Term B-1 Loans shall be maintained as Eurocurrency Term Loans and, notwithstanding anything in this Agreement to the contrary, each Interest Period prior to the Closing Date shall, subject to Section 2.07(f), be one month in duration.

Appears in 1 contract

Samples: Credit Agreement (Dollar Tree Inc)

Interest Elections. (a) Each The Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such the Borrowing RequestRequest or determined pursuant to the penultimate sentence of Section 2.3. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrowing shall be continued, and the Borrower may elect to convert and continue such Borrowings andInterest Periods therefor, if applicable, B/A Drawings to or as other Borrowings and, if applicable, B/A Drawings under such Tranche all as provided in this Section Section. (it being understood that no B/A Drawing may b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by not later than 11:00 a.m., New York City time, three Business Days before the proposed effective date of such election. Each such telephonic Interest Election Request shall be converted irrevocable and shall be confirmed promptly by hand delivery or continued other than telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. (c) Each telephonic and written Interest Election Request shall specify the following information: (i) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; and (ii) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof. (e) If the Borrower fails to deliver a timely Interest Election Request prior to the end of an Interest Period, then, unless the Borrowing is repaid as provided herein, at the end of such Interest Period the Contract Period applicable thereto). The Borrowers may elect different options with respect to different portions of the affected Borrowings or B/A Drawings, in which case each such portion Borrowing shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may be, and any Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity Dateof one month’s duration. This Section shall not apply to Competitive Loans or to Contract Loans, which may not be converted or continuedSECTION 2.7. [RESERVED]. SECTION 2.8.

Appears in 1 contract

Samples: Credit and Guarantee Agreement

Interest Elections. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency LIBOR Borrowing or a CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request thereforBorrowing Request or as otherwise provided in Section 2.03. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers applicable Borrower may elect to convert and such Borrowing (if such Borrowing is denominated in US Dollars) to a Borrowing of a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a LIBOR Borrowing or a CDOR Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/Section. A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto). The Borrowers Borrower may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A DrawingBorrowing. Notwithstanding any other provision of this Section, no Borrower shall be permitted to change the currency of any Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with elect an Interest Period for a LIBOR Borrowing or Contract Period, as applicable, ending after the Maturity Datea CDOR Borrowing that does not comply with Section 2.02(d). This Section shall not apply to Competitive Loans or to Contract Swingline Loans, which may not be converted or continued.. (b) To make an election pursuant to this Section, the applicable Borrower (or the Company on its behalf) shall submit an Interest Election Request, signed by its Senior Officer, to the Administrative Agent by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the Type and in the currency resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: (i) the name of the applicable Borrower, the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) the Type of the resulting Borrowing; and (iv) if the resulting Borrowing is to be a LIBOR Borrowing or a CDOR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests a LIBOR Borrowing or a CDOR Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. (c) Promptly following receipt of an Interest Election Request in accordance with this Section, the Administrative Agent shall advise each Lender of the [[3851767]]

Appears in 1 contract

Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)

Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or a CDOR Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as specified in the applicable request therefor. After the initial Borrowings under any Tranche and, if applicable, B/A DrawingsThereafter, the Borrowers Borrower Representative may elect to convert and such Borrowing to a different Type or to continue such Borrowings Borrowing and, if applicablein the case of a Eurodollar Borrowing, B/A Drawings to or as other Borrowings andmay elect Interest Periods therefor, if applicable, B/A Drawings under such Tranche all as provided in this Section (it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto)Section. The Borrowers Borrower Representative may elect different options with respect to different portions of the affected Borrowings or B/A DrawingsBorrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowings or accepting the B/As comprising such B/A Drawings, as the case may beBorrowing, and any the Loans or B/As resulting from an election made with respect to any comprising each such portion shall be considered a separate Borrowing or B/A Drawing. Notwithstanding any other provision of this Section, no Borrowing or B/A Drawing may be converted into or continued as a Borrowing or B/A Drawing with an Interest Period or Contract Period, as applicable, ending after the Maturity DateBorrowing. This Section shall not apply to Competitive Loans Swingline Borrowings, Overadvances, or to Contract LoansProtective Advances, which may not be converted or continued.. (b) To make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through Electronic System if arrangements for doing so have been approved by the Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone) by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable each such telephonic Interest Election Request, if permitted, shall be confirmed immediately upon the cessation of the Extenuating Circumstance by hand delivery, Electronic System or facsimile to the Administrative Agent of a written Interest Election Request in the form attached hereto as Exhibit G-2 (or such other form approved by the Administrative Agent) and signed by a Responsible Officer of the Borrower Representative. Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d) . (c) Each written (or if permitted, telephonic) Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02 : (i) the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 62

Appears in 1 contract

Samples: Credit Agreement (Winnebago Industries Inc)

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