Common use of Certain Continuations and Conversions Clause in Contracts

Certain Continuations and Conversions. Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, the Sterling Required Lenders may at their option, by notice to the Sterling Borrowers (which notice may be revoked at the option of the Sterling Required Lenders notwithstanding any provision of Section 14.1), declare that (a) no Sterling Loans denominated in Dollars may be requested as, converted to or continued as Eurocurrency Rate Loans, and (b) no Sterling Loans denominated in an Alternative Currency may be requested or continued as Eurocurrency Rate Loans, other than as Eurocurrency Rate Loans with an Interest Period of one month.

Certain Continuations and Conversions. Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, the Sterling Euro Required Lenders may at their option, by notice to the Sterling Euro Borrowers (which notice may be revoked at the option of the Sterling Euro Required Lenders notwithstanding any provision of Section 14.1), declare that (a) no Sterling Euro Loans denominated in Dollars may be requested as, converted to or continued as Eurocurrency Rate Loans, and (b) no Sterling Euro Loans denominated in an Alternative Currency any other currency may be requested or continued as Eurocurrency Rate Loans, other than as Eurocurrency Rate Loans with an Interest Period of one month.