Common use of Continuation and/or Conversion of Loans Clause in Contracts

Continuation and/or Conversion of Loans. The Company may elect (i) to continue any outstanding Eurodollar Loan from the current Interest Period of such Loan into a subsequent Interest Period to begin on the last day of such current Interest Period, or (ii) to convert any outstanding Reference Rate Loan into a Eurodollar Loan or, on the last day of the current Interest Period, to convert one type of Loan into another, in each case by giving at least three (3) Banking Days' prior telephonic notice not later than 10:00 a.m., Houston time, on the date of such notice (promptly confirmed in writing in the form of Exhibit L hereto) to the Agent (which shall promptly advise each Bank thereof) of such continuation or conversion, specifying the date, amount and the Interest Period, if applicable. Absent notice of continuation or conversion, each Eurodollar Loan shall automatically convert into a Reference Rate Loan on the last day of the current Interest Period for such Loan, unless paid in full on such last day. No Loan shall be converted into a Eurodollar Loan and no Eurodollar Loan shall be continued less than thirty days before the Termination Date or at any time that an Event of Default or an Unmatured Event of Default exists.