Common use of Continuation and Conversion Elections for Committed Loans Clause in Contracts

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convert, on any Business Day, all or any portion of outstanding Reference Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof into Offshore Rate Loans; (ii) elect to Convert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Loans denominated in Dollars comprising the same Borrowing in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof into Reference Rate Loans; or (iii) elect to Continue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. provided, however, that if the Effective Amount of Offshore Rate Loans in the -------- ------- same Borrowing would be reduced as a result of any Conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Loans shall automatically Convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion occurs. (b) The Company shall deliver a notice of Conversion or Continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency or (iii) one Business Day prior to the proposed date of Conversion, if the Committed Loans or any portion thereof are to be Converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion or Continuation; (ii) the aggregate amount of Committed Loans to be Converted or Continued; (iii) the Applicable Currency; (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in Dollars, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Loans, the Company shall be deemed to have elected to Convert such Offshore Rate Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions and Continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion or Continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convertconvert, on any Business Day, all or any portion of outstanding Reference Rate Loans (in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof thereof) into Offshore Rate Eurodollar Loans; (ii) elect to Convertconvert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Eurodollar Loans denominated in Dollars comprising the same Borrowing (in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof thereof) into Reference Rate Loans; or (iii) elect to Continuecontinue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. Eurodollar Loans; provided, however, that if the Effective Amount aggregate amount of Offshore Rate outstanding Eurodollar Loans comprised in the -------- ------- same Borrowing would be reduced as a result of any Conversion conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Eurodollar Loans sf712790 23 shall automatically Convert convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion conversion occurs. (b) The Company shall deliver a notice of Conversion conversion or Continuation continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) ) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency conversion or (iii) one Business Day prior to the proposed date of Conversioncontinuation, if the Committed Loans or any portion thereof are to be Converted converted into or continued as Eurodollar Loans, and (ii) one Business Day prior to the proposed date of conversion, if the Committed Loans or any portion thereof are to be converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion conversion or Continuationcontinuation; (ii) the aggregate amount of Committed Loans to be Converted converted or Continuedcontinued; (iii) the Applicable Currency;whether such Committed Loans are Tranche A Loans or Tranche B Loans; and (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Eurodollar Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsEurodollar Loans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Eurodollar Loans, the Company shall be deemed to have elected to Convert convert such Offshore Rate Eurodollar Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions conversions and Continuations continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion conversion or Continuation continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convertconvert, on any Business Day, all or any portion of outstanding Reference Rate Loans (in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof thereof) into Offshore Rate Eurodollar Loans; (ii) elect to Convertconvert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Eurodollar Loans denominated in Dollars comprising the same Borrowing (in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof thereof) into Reference Rate Loans; or (iii) elect to Continuecontinue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. Eurodollar Loans; -21 provided, however, that if the Effective Amount aggregate amount of Offshore Rate outstanding Eurodollar Loans comprised in the -------- ------- same Borrowing would be reduced as a result of any Conversion conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Eurodollar Loans shall automatically Convert convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion conversion occurs. (b) The Company shall deliver a notice of Conversion conversion or Continuation continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) ) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency conversion or (iii) one Business Day prior to the proposed date of Conversioncontinuation, if the Committed Loans or any portion thereof are to be Converted converted into or continued as Eurodollar Loans, and (ii) one Business Day prior to the proposed date of conversion, if the Committed Loans or any portion thereof are to be converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion conversion or Continuationcontinuation; (ii) the aggregate amount of Committed Loans to be Converted converted or Continuedcontinued; (iii) the Applicable Currency;whether such Committed Loans are Tranche A Loans or Tranche B Loans; and (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Eurodollar Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsEurodollar Loans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Eurodollar Loans, the Company shall be deemed to have elected to Convert convert such Offshore Rate Eurodollar Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions conversions and Continuations continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion conversion or Continuation continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convert, on any Business Day, all or any portion of outstanding Reference Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof into Offshore Rate Loans; (ii) elect to Convert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Loans denominated in Dollars comprising the same Borrowing in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof into Reference Rate Loans; or (iii) elect to Continue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currencyLoans. provided, however, that if the Effective Amount of Offshore Rate Loans in the -------- ------- same Borrowing would be reduced as a result of any Conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Loans shall automatically Convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion occurs. (b) The Company shall deliver a notice of Conversion or Continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b2.12(b), to the Agent not later than 12:00 noon (New York City time) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in DollarsLoans, and (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency or (iii) one Business Day prior to the proposed date of Conversion, if the Committed Loans or any portion thereof are to be Converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion or Continuation; (ii) the aggregate amount of Committed Loans to be Converted or Continued;; and (iii) the Applicable Currency; (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsLoans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Loans, the Company shall be deemed to have elected to Convert such Offshore Rate Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions and Continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion or Continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect. (f) Unless the Required Lenders otherwise consent, during the existence of a Default or Event of Default, the Company may not elect to have a Loan Converted into or Continued as an Offshore Rate Loan.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convertconvert, on any Business Day, all or any portion of outstanding Reference Rate Loans (in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof thereof) into Offshore Rate Eurodollar Loans; (ii) elect to Convertconvert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Eurodollar Loans denominated in Dollars comprising the same Borrowing (in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof thereof) into Reference Rate Loans; or (iii) elect to Continuecontinue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. Eurodollar Loans; provided, however, that if the Effective Amount aggregate amount of Offshore Rate outstanding Eurodollar Loans -------- ------- comprised in the -------- ------- same Borrowing would be reduced as a result of any Conversion conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Eurodollar Loans shall automatically Convert convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion conversion occurs. (b) The Company shall deliver a notice of Conversion conversion or Continuation continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit 2.11, --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) ------------ (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency conversion or (iii) one Business Day prior to the proposed date of Conversioncontinuation, if the Committed Loans or any portion thereof are to be Converted converted into or continued as Eurodollar Loans, and (ii) one Business Day prior to the proposed date of conversion, if the Committed Loans or any portion thereof are to be converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimilefacsimile or telex, specifying therein: (i) the proposed date of Conversion conversion or Continuationcontinuation; (ii) the aggregate amount of Committed Loans to be Converted converted or Continued;continued; and (iii) the Applicable Currency; (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Eurodollar Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsEurodollar Loans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Eurodollar Loans, the Company shall be deemed to have elected to Convert convert such Offshore Rate Eurodollar Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions conversions and Continuations continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion or Continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convertconvert, on any Business Day, all or any portion of outstanding Reference Rate Loans (in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof thereof) into Offshore Rate Eurodollar Loans; (ii) elect to Convertconvert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Eurodollar Loans denominated in Dollars comprising the same Borrowing (in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof thereof) into Reference Rate Loans; or (iii) elect to Continuecontinue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. Eurodollar Loans; provided, however, that if the Effective Amount aggregate amount of Offshore Rate outstanding Eurodollar Loans comprised in the -------- ------- same Borrowing would be reduced as a result of any Conversion conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Eurodollar Loans shall automatically Convert convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion conversion occurs. (b) The Company shall deliver a notice of Conversion conversion or Continuation continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) ) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency conversion or (iii) one Business Day prior to the proposed date of Conversioncontinuation, if the Committed Loans or any portion thereof are to be Converted converted into or continued as Eurodollar Loans, and (ii) one Business Day prior sf-712846 23 to the proposed date of conversion, if the Committed Loans or any portion thereof are to be converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion conversion or Continuationcontinuation; (ii) the aggregate amount of Committed Loans to be Converted converted or Continuedcontinued; (iii) the Applicable Currency;whether such Committed Loans are Tranche A Loans or Tranche B Loans; and (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Eurodollar Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsEurodollar Loans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Eurodollar Loans, the Company shall be deemed to have elected to Convert convert such Offshore Rate Eurodollar Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions conversions and Continuations continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion conversion or Continuation continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.

Continuation and Conversion Elections for Committed Loans. (a) The Company may upon irrevocable written notice to the Agent: (i) elect to Convertconvert, on any Business Day, all or any portion of outstanding Reference Rate Loans (in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof thereof) into Offshore Rate Eurodollar Loans; (ii) elect to Convertconvert, on the last day of any Interest Period therefor, all or any portion of outstanding Offshore Rate Eurodollar Loans denominated in Dollars comprising the same Borrowing (in the aggregate principal amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof thereof) into Reference Rate Loans; or (iii) elect to Continuecontinue, on the last day of any Interest Period therefor, any Offshore Rate Loans in the aggregate principal amount of $20,000,000 or an integral multiple of $10,000,000 in excess thereof as Offshore Rate Loans of the same currency. Eurodollar Loans; provided, however, that if the Effective Amount aggregate amount of Offshore Rate outstanding Eurodollar Loans comprised in the -------- ------- same Borrowing would be reduced as a result of any Conversion conversion of part thereof to Reference Rate Loans to an amount less than $20,000,000, such Offshore Rate Eurodollar Loans shall automatically Convert convert into Reference Rate Loans on the last day of the Interest Period on which such Conversion conversion occurs. (b) The Company shall deliver a notice of Conversion conversion or Continuation continuation (a "Notice of Conversion/Continuation"), in substantially the form of Exhibit --------------------------------- ------- 2.11(b), to the Agent not later than 12:00 noon (New York City time) ) (i) four ------- Business Days prior to the proposed date of Conversion or Continuation, if the Committed Loans denominated in Dollars or any portion thereof are to be Converted into or Continued as Offshore Rate Loans denominated in Dollars, (ii) and four Business Days prior to the proposed date of Continuation if any Offshore Currency Loans are to be Continued as Offshore Loans denominated in the same currency conversion or (iii) one Business Day prior to the proposed date of Conversioncontinuation, if the Committed Loans or any portion thereof are to be Converted converted into or continued as Eurodollar Loans, and (ii) one Business Day prior to the proposed date of conversion, if the Committed Loans or any portion thereof are to be converted into Reference Rate Loans. Each such Notice of Conversion/Continuation shall be irrevocable and shall be made by facsimile, specifying therein: (i) the proposed date of Conversion conversion or Continuationcontinuation; (ii) the aggregate amount of Committed Loans to be Converted converted or Continuedcontinued; (iii) the Applicable Currency;whether such Committed Loans are Tranche A Loans or Tranche B Loans; and (iv) the duration of the applicable Interest Period if such Committed Loans are Offshore Rate Eurodollar Loans. (c) If, on the fourth Business Day prior to the expiration of any Interest Period applicable to Offshore Rate Loans denominated in DollarsEurodollar Loans, the Company shall have failed to select a new Interest Period to be applicable to such Offshore Rate Eurodollar Loans, the Company shall be deemed to have elected to Convert convert such Offshore Rate Eurodollar Loans into Reference Rate Loans effective as of the last day of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to any Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto, the Company shall be deemed to have elected to Continue such Offshore Currency Loans on the basis of a one month Interest Period. (d) Upon receipt of a Notice of Conversion/Continuation, the Agent shall promptly notify each Lender thereof. All Conversions conversions and Continuations continuations shall be made ratably among the Lenders based on their Commitment Percentages of the Committed Loans with respect to which such notice was given. (e) Notwithstanding any other provision contained in this Agreement, after giving effect to any Conversion conversion or Continuation continuation of any Committed Loans, there shall not be more than seven different Interest Periods for Committed Loans in effect.