Common use of Continuation or Conversion of Loan Clause in Contracts

Continuation or Conversion of Loan. The Borrower may elect to (i) continue any outstanding LIBOR Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (II) convert any outstanding Advance into another type of Advance (on the last day of an Interest Period only, in the instance of a LIBOR Advance), by giving the Bank notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Bank not later than: (a) 4:00 p.m., Portland time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Federal Funds Rate Advance; or (b) 12:00 noon, Portland time, two Business days prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a LIBOR Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount set forth in Section 2.2), and (iii) for continuation as, or conversion into, LIBOR ------------ Advances, the Interest Periods for such Advances. Absent timely notice of continuation or conversion, each LIBOR Advance shall automatically convert into a Federal Funds Rate Advance on the last day of an applicable Interest Period, unless paid in full on such last day. No Advance shall be continued as, or converted into, a LIBOR Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default shall exist.

Continuation or Conversion of Loan. The Borrower may elect to (i) continue any outstanding LIBOR Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (IIii) convert any outstanding Advance into another type of Advance (on the last day of an Interest Period only, in the instance of a LIBOR Advance), by giving the Bank notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Bank not later than: (a) 4:00 p.m., Portland time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Federal Funds Rate Advance; or (b) 12:00 noon, Portland time, two Business days prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a LIBOR Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount set forth in Section 2.2), and (iii) for continuation as, or conversion into, LIBOR ------------ Advances, the Interest Periods for such Advances. Absent timely notice of continuation or conversion, each LIBOR Advance shall automatically convert into a Federal Funds Rate Advance on the last day of an applicable Interest Period, unless paid in full on such last day. No Advance shall be continued as, or converted into, a LIBOR Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default shall exist.

Continuation or Conversion of Loan. The Subject to the provisions of Section 3.1, the Borrower may elect to (i) continue any outstanding Fixed LIBOR Advance from one Interest Loan Period into a subsequent Interest Loan Period to begin on the last day of the earlier Interest Loan Period, or (IIii) convert any outstanding Advance into another type of Advance (on the last day of an Interest a Loan Period only, in the instance of a LIBOR Advance), ) by giving the Bank notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Bank not later than: (a) 4:00 p.m., Portland time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Federal Funds Rate Floating LIBOR Advance; or (b) 12:00 noon, Portland time, two Business days New York Banking Days prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Fixed LIBOR Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount limitations set forth in Section 2.23.1), and (iii) for continuation as, or conversion into, Fixed LIBOR ------------ Advances, the Interest Loan Periods for such Advances. Absent timely notice of continuation or conversion, each LIBOR Advance shall automatically convert into a Federal Funds Rate Advance on the last day of an applicable Interest Period, unless paid in full on such last day. No Advance shall be continued as, or converted into, a LIBOR Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default shall exist.

Continuation or Conversion of Loan. The Subject to the provisions of Section 3.1, the Borrower may elect to (i) continue any outstanding LIBOR Advance from one Interest Loan Period into a subsequent Interest Loan Period to begin on the last day of the earlier Interest Loan Period, or (IIii) convert any outstanding Advance into another type of Advance (on the last day of an Interest a Loan Period only, in the instance of a LIBOR Advance), ) by giving the Bank notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Bank not later than: (a) 4:00 1:00 p.m., Portland Cleveland time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Federal Funds Base Rate Advance; or (b) 12:00 noon1:00 p.m., Portland Cleveland time, two three Business days Days prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a LIBOR Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount limitations set forth in Section 2.23.1), and (iii) for continuation as, or conversion into, LIBOR ------------ Advances, the Interest Loan Periods for such Advances. Absent timely notice of continuation or conversion, each LIBOR Advance shall automatically convert into a Federal Funds Rate Advance on the last day of an applicable Interest Period, unless paid in full on such last day. No Advance shall be continued as, or converted into, a LIBOR Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default shall exist.