Common use of Continuation Options Clause in Contracts

Continuation Options. Subject to the provisions of Section 2.1(k), all or a portion of any maturing Eurodollar Tranche may be continued as Eurodollar Committed Loans upon the expiration of the then current Interest Period with respect thereto by Borrower delivering a Request for Continuation of a Eurodollar Committed Loan (substantially in the form of Exhibit B-2) to Agent, prior to 12:00 Noon (New York City time) on the third Banking Day prior to the last day of the then current Interest Period, specifying the length of the next Interest Period to be applicable to such Eurodollar Committed Loans, provided that (i) no portion of a Eurodollar Tranche may be continued as Eurodollar Committed Loans when any Event of Default has occurred and is continuing and the Majority Banks have determined that such a continuation is not appropriate and (ii) if Borrower shall fail to give such notice or if such continuation is not permitted, such Eurodollar Tranche shall be automatically converted to a Base Rate Loan on the last day of such then expiring Interest Period.

Continuation Options. Subject to the provisions of Section 2.1(k), all or a portion of any maturing Eurodollar Tranche may be continued as Eurodollar Committed Loans upon the expiration of the then current Interest Period with respect thereto by Borrower delivering a Request for Continuation of a Eurodollar Committed Loan (substantially in the form of Exhibit B-2) to Agent, prior to 12:00 Noon (Noon, New York City time) , on the third Banking Day prior to the last day of the then current Interest Period, specifying the length of the next Interest Period to be applicable to such Eurodollar Committed Loans, provided that (i) no portion of a Eurodollar Tranche may be continued as Eurodollar Committed Loans when any Event of Default has occurred and is continuing and the Majority Banks have determined that such a continuation is not appropriate and (ii) if Borrower shall fail to give such notice or if such continuation is not permitted, such Eurodollar Tranche shall be automatically converted to a Base Rate Loan on the last day of such then expiring Interest Period.