Common use of Continuation Options Clause in Contracts

Continuation Options. Subject to the provisions made in this Section 2.02(d), the Borrower may elect to continue as a new Loan all or any part of any Committed Loan beyond the expiration of the then current Interest Period relating thereto by giving advance notice as provided in Section 2.02(c) to the Administrative Agent (which shall promptly notify the Lenders) of such election, specifying the amount of such Loan to be continued as a new Committed Loan, the type of Loan and the Interest Period therefor. In the absence of such a timely and proper election, the Borrower shall be deemed to have elected to continue any such Loan as a Base Rate Loan (if such Committed Loan is a Eurodollar Loan, pursuant to a conversion as set forth in Section 2.02(e)). All or any part of any Committed Loan may be continued as provided herein, provided that (i) with respect to a Eurodollar Loan continued as a new Eurodollar Loan, any continuation of any such Loan shall be (as to each Loan as continued for an applicable Interest Period) in amounts of at least $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (ii) no Default shall have occurred and be continuing.