Example ContractsClausesAutomatic Conversion and Continuation
Automatic Conversion and Continuation
Automatic Conversion and Continuation contract clause examples

Automatic Conversion and Continuation. If the applicable Borrower fails to deliver a timely Borrowing/Election Notice with respect to a Daily Simple RFR Loan prior to the Interest Payment Date therefor, then, unless such Daily Simple RFR Loan is repaid as provided herein, the applicable Borrower shall be deemed to have selected that such Daily Simple RFR Loan shall automatically be converted to a Floating Rate Loan denominated in Dollars (in an amount equal to the Dollar Amount of the applicable Alternative Currency, if applicable) as of such Payment Date. If the applicable Borrower fails to deliver a timely Borrowing/Election Notice with respect to a Eurocurrency Rate Loan or a Term RFR Loan prior to the end of the Interest Period therefor, then, unless such Eurocurrency Rate Loan or Term RFR Loan, as applicable, is repaid as provided herein, the applicable Borrower shall be deemed to have selected that such Eurocurrency Rate Loan or Term RFR Loan, as applicable, shall automatically be converted to a Floating Rate Loan denominated in Dollars (in an amount equal to the Dollar Amount of the applicable Alternative Currency, if applicable) at the end of such Interest Period. If the applicable Borrower requests a conversion to, or continuation of, a Eurocurrency Rate Loan or a Term RFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

Subject to Section 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, Company shall have the option:

Subject to its obligations pursuant to [Subsection 4.12(c)], the Borrower Representative may elect from time to time to convert outstanding Loans of a given Tranche denominated in Dollars from Eurodollar Loans to ABR Loans by giving the Administrative Agent irrevocable notice of such election prior to 1:00 P.M., New York City time two Business Days (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior to such election. The Borrower Representative may elect from time to time to convert outstanding Loans of a given Tranche from ABR Loans to Eurodollar Loans, by giving the Administrative Agent irrevocable notice of such election prior to 1:00 P.M., New York City time at least three Business Days (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior to such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each affected Lender thereof. All or any part of outstanding Eurodollar Loans or ABR Loans may be converted as provided herein, provided that # (unless the Required Lenders otherwise consent) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and, in the case of any Default (other than a Default under [Subsection 9.1(f)]), the Administrative Agent has given notice to the Borrower Representative that no such conversions may be made, # no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the applicable Maturity Date and # no Loan denominated in Euro may be converted to ABR Loans.

Automatic Conversion and Continuation. Floating Rate Loans shall continue as Floating Rate Loans unless and until such Floating Rate Loans are converted into Eurocurrency Rate Loans or RFR Loans. Eurocurrency Rate Loans and Term RFR Loans in Dollars shall continue as Eurocurrency Rate Loans or Term RFR Loans in Dollars until the end of the then applicable Interest Period therefor, at which time such Eurocurrency Rate Loans or Term RFR Loans shall be automatically converted into Floating Rate Loans unless the applicable Borrower shall have given the Administrative Agent notice in accordance with [Section 2.9(D)] requesting that, at the end of such Interest Period, such Eurocurrency Rate Loans or Term RFR Loans continue as a Eurocurrency Rate Loan or Term RFR Loans. Daily Simple RFR Loans in Dollars shall continue as Daily Simple RFR Loans in Dollars until the applicable Payment Date therefor, at which time such Daily Simple RFR Loan shall be automatically converted into Floating Rate Loans unless the applicable Borrower shall have given the Administrative Agent notice in accordance with [Section 2.9(D)] requesting that, at the as of such Payment Date, such Daily Simple RFR Loan continue as a Daily Simple RFR Loan. Unless a Borrowing/Election Notice shall have timely been given in accordance with the terms of this Section 2.9, # Eurocurrency Rate Advances and Term RFR Advances in an Agreed Currency other than Dollars shall automatically continue as Eurocurrency Rate Advances or Term RFR Advances in the same Agreed Currency with an Interest Period of one (1) month and # Daily Simple RFR Advances in an Agreed Currency other than Dollars shall automatically continue as RFR Advances in the same Agreed Currency until the next Payment Date.

The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election by submitting an Interest Election Request no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which Interest Election Request shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.

. (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Loans may be made only on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor); provided that, no Base Rate Loan under a particular Facility may be converted into a Eurodollar Loan # when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such conversions or # after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

Continuation and Conversion. Each Borrower shall have the option, on any Business Day, to continue existing Eurodollar Revolving Loans made to it for a subsequent Interest Period, to convert Base Rate Loans made to it into Eurodollar Revolving Loans or to convert Eurodollar Revolving Loans made to it into Base Rate Loans. By no later than 11:00 a.m. (a) on the date of the requested conversion of a Eurodollar Revolving Loan to a Base Rate Loan or # three Business Days prior to the date for a requested continuation of a Eurodollar Revolving Loan or conversion of a Base Rate Loan to a Eurodollar Revolving Loan, the relevant Borrower shall provide telephonic notice to the Administrative Agent, followed promptly by a written Notice of Continuation/Conversion, setting forth # whether the relevant Borrower wishes to continue or convert such Loans and # if the request is to continue a Eurodollar Revolving Loan or convert a Base Rate Loan to a Eurodollar Revolving Loan, the Interest Period applicable thereto. Notwithstanding anything herein to the contrary, # except as provided in Section 4.1 hereof, Eurodollar Revolving Loans may be converted to Base Rate Loans only on the last day of an Interest Period applicable thereto; # Eurodollar Revolving Loans may be continued and Base Rate Loans may be converted to Eurodollar Revolving Loans only if no Default or Event of Default with respect to the relevant Borrower is in existence on the date of such extension or conversion; # any continuation or conversion must comply with Sections 2.2(a) or 2.2(b) hereof, as applicable; and # failure by such Borrower to properly continue Eurodollar Revolving Loans at the end of an Interest Period shall be deemed a conversion to Base Rate Loans.

Conversion/Continuation. The Borrower may elect from time to time to convert LIBOR Rate Advances to Base Rate Advances by giving Bank prior written notice of such election pursuant to a Continuation/Conversion Notice no later than 12:00 pm on the proposed conversion date; provided that any such conversion may only be made on the last day of an Interest Period with respect thereto unless Borrower pays any breakage costs incurred by Bank with respect thereto. The Borrower may elect from time to time to convert Base Rate Advances to LIBOR Rate Advances by giving Bank prior written notice of such election pursuant to a Continuation/Conversion Notice no later than 12:00 pm at least three Business days prior to the proposed conversion date. Any such Continuation/Conversion Notice shall specify the length of the initial Interest Period therefor. The Borrower may continue any LIBOR Rate Advance as such upon the expiration of the then current Interest Period with respect thereto by giving Bank at least three Eurodollar Business Days’ prior written notice of such election pursuant to a Continuation/Conversion Notice; provided that if the Borrower shall fail to give any such Continuation/Conversion Notice, such Advances shall be automatically converted to a Base Rate Advance. Each conversion and/or continuation of Advances made pursuant to this [Section 2.1(b)] shall be in minimum amounts of $250,000 and integral multiples of $100,000 in excess thereof and shall be irrevocable. No Advance (or portion thereof) may be converted into, or continued as, a LIBOR Rate Advance with an Interest Period that ends after the Maturity Date and no outstanding Advance may be continued as, or be converted into, a LIBOR Advance when any Event of Default has occurred and is continuing. There shall not be more than five LIBOR Rate Advances outstanding at any one time.

Continuation and Conversion. Each Borrower shall have the option, on any Business Day, to continue existing Eurodollar Revolving Loans made to it for a subsequent Interest Period, to convert Base Rate Loans made to it into Eurodollar Revolving Loans or to convert Eurodollar Revolving Loans made to it into Base Rate Loans. By no later than 11:00 a.m. (a) on the date of the requested conversion of a Eurodollar Revolving Loan to a Base Rate Loan or # three Business Days prior to the date for a requested continuation of a Eurodollar Revolving Loan or conversion of a Base Rate Loan to a Eurodollar Revolving Loan, the relevant Borrower shall provide telephonic notice to the Administrative Agent, followed promptly by a written Notice of Continuation/Conversion, setting forth # whether the relevant Borrower wishes to continue or convert such Loans and # if the request is to continue a Eurodollar Revolving Loan or convert a Base Rate Loan to a Eurodollar Revolving Loan, the Interest Period applicable thereto. Notwithstanding anything herein to the contrary, # except as provided in Section 4.1 hereof, Eurodollar Revolving Loans may be converted to Base Rate Loans only on the last day of an Interest Period applicable thereto; # Eurodollar Revolving Loans may be continued and Base Rate Loans may be converted to Eurodollar Revolving Loans only if no Default or Event of Default with respect to the relevant Borrower is in existence on the date of such extension or conversion; # any continuation or conversion must comply with Sections 2.2(a) or 2.2(b) hereof, as applicable; and # failure by such Borrower to properly continue Eurodollar Revolving Loans at the end of an Interest Period shall be deemed a conversion to Base Rate Loans.

. (a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 P.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

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