Common use of Continuation/Conversion Clause in Contracts

Continuation/Conversion. The Borrower may elect from time to time to (a) continue any outstanding LIBOR Loan upon the expiration of the Interest Period applicable thereto as a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of continuation and the succeeding Interest Period of such continued Loan will commence on the last day of the Interest Period of the Loan to be continued, (b) convert any outstanding LIBOR Loan upon expiration of the Interest Period applicable thereto to a Prime Rate Loan by giving to the Lender at least one (1) Business Day’s prior irrevocable written notice of conversion and (c) convert any outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that no Loan may be continued as a Loan other than a Prime Rate Loan if an Event of Default or Potential Event of Default has occurred and is continuing. Each such irrevocable written notice electing to continue or convert a Loan shall specify: (i) the proposed continuation or conversion date, (ii) the amount of the Loan to be continued or converted, (iii) the nature of the proposed continuation or conversion (including whether the converted Loan will be a LIBOR Loan or a Prime Rate Loan) and (iv) for Loans being continued as or converted to LIBOR Loans, the requested Interest Period, and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such continuation or conversion is being made, the Lender shall take such action as is necessary to effect such continuation or conversion. In the event that no notice of continuation or conversion, or an incomplete notice of continuation or conversion, is received by the Lender with respect to outstanding LIBOR Loans, or if an Event of Default or Potential Event of Default has occurred and is continuing, then upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically convert to Prime Rate Loans.

Continuation/Conversion. The Subject to Sections 2.1 and 2.9 hereof, the Borrower may elect from shall have the option (i) to convert at any time all or any part of the outstanding Base Rate Advances to time to (a) continue Eurodollar Rate Advances or LIBOR Advances and all or any part of the outstanding LIBOR Loan Advances or Eurodollar Rate Advances to Base Rate Advances or (ii) upon the expiration of the any Interest Period applicable thereto to a LIBOR Advance or a Eurodollar Rate Advance, to continue all or any portion of such LIBOR Advance or such Eurodollar Rate Advance equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of continuation Advance or a Eurodollar Rate Advance and the succeeding Interest Period Period(s) of such continued Loan will LIBOR Advance or such Eurodollar Rate Advance shall commence on the last day of the Interest Period of the Loan LIBOR Advance or Eurodollar Rate Advance to be continued; provided, however, (bA) convert any outstanding LIBOR Loan upon Advances and Eurodollar Rate Advances may only be converted into Base Rate Advances on the expiration date of the Interest Period applicable thereto to a Prime Rate Loan by giving and (B) notwithstanding anything in this Agreement to the Lender at least one (1) Business Day’s prior irrevocable written notice of conversion and (c) convert any contrary, no outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that no Loan Advance may be continued as as, or converted into, a Loan other than LIBOR Advance or a Prime Eurodollar Rate Loan if an Event of Advance when any Default or Potential Event of Default has occurred and is continuing. Each such Not later than 11:00 a.m., Dallas, Texas time on the date of any proposed continuation of or a conversion to a Base Rate Advance or a Eurodollar Rate Advance, not later than 11:00 a.m., Dallas, Texas time at least two Business Days prior to any proposed continuation of or conversion to a LIBOR Advance, and not later than 11:00 a.m., Dallas, Texas time at least three Business Days prior to any proposed continuation of or conversion to a LIBOR Advance, the Borrower, through an Authorized Signatory, shall give the Administrative Agent irrevocable written notice, or irrevocable telephonic notice electing followed immediately by written notice, in substantially the form of Exhibit F hereto (a "Notice of Continuation/Conversion") (provided, however, that the Borrower's failure to continue or convert a Loan confirm any telephonic notice in writing shall specify: not invalidate any notice so given), stating (i) the proposed conversion/continuation or conversion datedate (which shall be a Business Day), (ii) the amount of the Loan Advance to be continued or converted/continued, (iii) in the nature case of the proposed a conversion to, or a continuation or conversion (including whether the converted Loan will be of, a LIBOR Loan Advance or a Prime Eurodollar Rate Loan) and (iv) for Loans being continued as or converted to LIBOR LoansAdvance, the requested Interest Period, and shall certify (iv) in the case of a conversion of a Base Rate Advance to a LIBOR Advance or a Eurodollar Rate Advance or continuation of a LIBOR Advance or a Eurodollar Rate Advance, stating that no Event of Default or Potential Event of Default has occurred and is continuing. On If the date on which such continuation or conversion is being made, Borrower shall fail to give any notice in accordance with this Section 2.2(d) prior to the Lender shall take such action as is necessary to effect such continuation or conversion. In the event that no notice expiration of continuation or conversion, or an incomplete notice of continuation or conversion, is received by the Lender any then-relevant Interest Period with respect to outstanding any LIBOR LoansAdvance or any Eurodollar Rate Advance, the Borrower shall be deemed irrevocably to have requested that such LIBOR Advance or if an Event of Default or Potential Event of Default has occurred and is continuing, then upon expiration of such Eurodollar Rate Advance be converted to a Base Rate Advance in the Interest Period(s) applicable thereto, such Loans shall automatically convert to Prime Rate Loanssame principal amount.

Continuation/Conversion. The Borrower may elect from time to time to (a) continue any outstanding LIBOR Loan upon the expiration of the Interest Period applicable thereto as a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of continuation and the succeeding Interest Period of such continued Loan will commence on the last day of the Interest Period of the Loan to be continued, (b) convert any outstanding LIBOR Loan upon expiration of the Interest Period applicable thereto to a Prime Rate Loan by giving to the Lender at least one (1) Business Day’s prior irrevocable written notice of conversion and (c) convert any outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that no Loan may be continued as a Loan other than a Prime Rate Loan if an Event of Default or Potential Event of Default has occurred and is continuing. Each such irrevocable written notice electing to continue or convert a Loan shall specify: (i) the proposed continuation or conversion date, (ii) the amount of the Loan to be continued or converted, (iii) the nature of the proposed continuation or conversion (including whether the converted Loan will be a LIBOR Loan or a Prime Rate Loan) and (iv) for Loans being continued as or converted to LIBOR Loans, the requested Interest Period, and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such continuation or conversion is being made, the Lender shall take such action as is necessary to effect such continuation or conversion. In the event that no notice of continuation or conversion, or an incomplete notice of continuation or conversion, is received by the Lender with respect to outstanding LIBOR Loans, or then upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically be continued as LIBOR Loans with an Interest Period of one month; provided that if an Event of Default or Potential Event of Default has occurred and is continuing, then upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically convert to Prime Rate Loans.

Continuation/Conversion. The Borrower may elect from time to time to (a) continue any outstanding LIBOR Loan upon the expiration of the Interest Period applicable thereto as a LIBOR Loan by giving to the Lender at least two three (23) LIBOR Business Days’ prior irrevocable written notice of continuation and the succeeding Interest Period of such continued Loan will commence on the last day of the Interest Period of the Loan to be continued, (b) convert any outstanding LIBOR Loan upon expiration of the Interest Period applicable thereto to a Prime Rate Loan by giving to the Lender at least one (1) Business Day’s prior irrevocable written notice of conversion and (c) convert any outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least two three (23) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that no Loan may be continued as a Loan other than a Prime Rate Loan if an Event of Default or Potential Event of Default has occurred and is continuing. Each such irrevocable written notice electing to continue or convert a Loan shall specify: (i) the proposed continuation or conversion date, (ii) the amount of the Loan to be continued or converted, (iii) the nature of the proposed continuation or conversion (including whether the converted Loan will be a LIBOR Loan or a Prime Rate Loan) and (iv) for Loans being continued as or converted to LIBOR Loans, the requested Interest Period, and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such continuation or conversion is being made, the Lender shall take such action as is necessary to effect such continuation or conversion. In the event that no notice of continuation or conversion, or an incomplete notice of continuation or conversion, is received by the Lender with respect to outstanding LIBOR Loans, or if an Event of Default or Potential Event of Default has occurred and is continuing, then upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically convert to Prime Rate Loans.