Continuation or Conversion of Loans. 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 Agent notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Agent not later than:
(a) 1:00 p.m., Minneapolis time, one Business day prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Base Rate Advance; or
(b) 12:00 noon, Minneapolis time, three 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, following expiration of an Interest Period unless the LIBOR Advance is paid in full the Agent may at any time thereafter convert the LIBOR Advance into a Base Rate Advance. Until such time as such Advance is converted into a Base Rate Advance by the Agent or the Borrower or is continued as a LIBOR Advance with a new Interest Period by notice by the Borrower as provided above, such Advance shall continue to accrue interest at a rate equal to the interest rate applicable during the expired Interest Period adjusted, however, to reflect changes in the Applicable Margin. 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 Loans. The Borrower may elect to (i) continue any outstanding Eurodollar 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 Eurodollar Advance), by giving the Agent notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Agent not later than:
(a) 10:00 a.m., Minneapolis time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Reference Rate Advance; or
(b) 10:00 a.m., Minneapolis time, two (2) Business days prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Eurodollar 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, Eurodollar Advances, the Interest Periods for such Advances. Absent timely notice of continuation or conversion, each Eurodollar Advance shall automatically convert into a Reference 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 Eurodollar Advance if a Default or Event of Default shall exist or if the shortest Interest Period for such Advance may not transpire prior to the Maturity Date.
Continuation or Conversion of Loans. The Company may continue or convert all or any part (in amounts which are at least TWO MILLION AND NO/100 DOLLARS ($2,000,000.00) and in integral multiples of FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00)) of any outstanding Revolving Loan into a Loan of any other type provided for in this Agreement in the same aggregate principal amount, on any Business Day (which, in the case of a conversion of a LIBOR Loan, shall be the last day of the Interest Period applicable to such Loan unless the Company shall prepay all Breakage Costs associated therewith). Whenever the Company desires to continue or convert a Revolving Loan, the Company shall notify the Bank (which notice shall be irrevocable) by telex, telegraph or telephone received no later than 10:00 a.m. (New York, New York time) on the date two (2) Business Days before the date on which the Revolving Loan is to be continued or converted to a Prime Rate Loan and three (3) Business Days before the date on which the requested Revolving Loan is to be continued or converted to a LIBOR Loan. Such notice shall specify: (i) the effective date and amount of each Revolving Loan or portion thereof to be continued or converted; (ii) the interest rate option to be applicable thereto; and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period). Each such notification shall be immediately followed by a written confirmation thereof by the Company in substantially the form of Exhibit D attached hereto (the "Notice of Continuation or Conversion"); provided, however, that if such written confirmation differs in any material respect from the action taken by the Bank, the records of the Bank shall control absent manifest error.
Continuation or Conversion of Loans. As long as no Default or Event of Default shall have occurred and be continuing, Borrower may continue or convert all or any part (in integral multiples of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) of any outstanding Loan as a Loan of the same Type or into a Loan of any other Type provided for in this Agreement. If Borrower wishes to continue or convert a Loan as aforesaid, Borrower shall provide the Administrative Agent with written notice (or telephonic notice promptly confirmed in writing) received at its Notice Office no later than 10:00 a.m. (Boston, Massachusetts time) on the date one (1) Business Day before the day on which the requested Loan is to be continued as or converted to a Base Rate Loan, and received no later than 10:00 a.m. (Boston, Massachusetts time) on the date three (3) Business Days before the day on which the requested Loan is to be continued as or converted to a Eurodollar Loan. Each such notice (a "Notice of Continuation or Conversion") shall, except as provided in Section 2.3.6. hereof, be irrevocable, be in the form of Exhibit E attached hereto and be appropriately completed to specify: (i) the amount of the Loan to be continued or converted, (ii) the effective date of such continuation or conversion which shall, in the case of Eurodollar Loan, be the last day of the Interest Period applicable thereto, (iii) the Type or Types of Loans to be applicable thereto; and (iv) the duration of the Interest Period, if any (subject to the provisions of the definition of Interest Period). The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly confirmed in writing) of each requested continuation or conversion of a Loan, such Lender's proportionate share thereof and such other matters covered by the Notice of Conversion or Continuation. Borrower hereby acknowledges and agrees that the Administrative Agent may, prior to the receipt of written confirmation act without liability upon the basis of any telephonic notice provided under this Section 2.3.2, believed by the Administrative Agent, in good faith, to be from a Responsible Officer of Borrower and Borrower hereby waives the right to dispute the Administrative Agent's record of the terms of such telephonic notice.
Continuation or Conversion of Loans. As long as ----------------------------------- no Default or Event of Default shall have occurred and be continuing, Borrower may continue or convert all or any part (in integral multiples of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) of any outstanding Loan into a Loan of any other type provided for in this Agreement in the same aggregate principal amount, on any Business Day (which, in the case of a conversion of a Libor Loan or a Matched Rate Loan shall be the last day of the Interest Period applicable to such Libor Loan or a Matched Rate Loan. Borrower shall give Bank prior notice of each such conversion (which notice shall be effective upon receipt) in accordance with Section 2.1.1. hereof. Such notice shall specify: (i) the effective date and amount of each Loan or portion thereof to be continued or converted; (ii) the interest rate option to be applicable thereto; and (iii) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period and Section 2.4.4. hereof). each such notification (a "Notice of Continuation or Conversion") shall be immediately followed by a written confirmation thereof by Borrower in substantially the form of Exhibit D attached hereto; provided, however, that if such written --------- -------- ------- confirmation differs in any material respect from the action taken by Bank, the records of Bank shall control absent manifest error.
Continuation or Conversion of Loans. Borrower may (i) at any time convert some or all of a Base Rate Loan to a Eurodollar Loan, or (ii) at the end of any Interest Period of a Eurodollar Loan, continue the Loan as a Eurodollar Loan for an additional Interest Period or convert some or all of such Eurodollar Loan to a Base Rate Loan; provided however, that if an Event of Default has occurred that has not been waived by Required Lenders, Borrower may not
Continuation or Conversion of Loans. (i) Subject to the other provisions hereof (including without limitation as to minimum amounts and integral multiples), the Borrower shall have the option (A) to convert all or any part of the outstanding Loans which are Reference Rate Loans to LIBOR Rate Loans, (B) to convert on the applicable Interest Period End Date all or any part of the outstanding LIBOR Rate Loans to Reference Rate Loans, and (C) to continue on the applicable Interest Period End Date all or part of the outstanding LIBOR Rate Loans as LIBOR Rate Loans for an additional Interest Period of such duration as the Borrower shall elect.
(ii) To elect to convert, from or to, or continue as, a LIBOR Rate Loan under this subsection, the Borrower shall notify the Agent of such conversion or continuation by an irrevocable written notice specifying the proposed commencement date thereof, which notice must be received by the Agent no later than (A) the third Business Day prior to the proposed commencement date of the Interest Period for such LIBOR Rate Loan (in the case of a continuation of an existing LIBOR Rate Loan) for an additional Interest Period or of the conversion of a Reference Rate Loan to a LIBOR Rate Loan or (B) the conversion date (in the case of a conversion of an existing LIBOR Rate Loan to a Reference Rate Loan).
Continuation or Conversion of Loans. Borrower may (i) at any time convert some or all of an Alternate Base Rate Loan to a Eurodollar Loan, or (ii) at the end of any Interest Period of a Eurodollar Loan, continue the Loan as a Eurodollar Loan for an additional Interest Period or convert some or all of such Eurodollar Loan to an Alternate Base Rate Loan; provided however, that if there is an Existing Default, Borrower may not convert an Alternate Base Rate Loan to a Eurodollar Loan or continue a Eurodollar Loan for an additional Interest Period. To cause any conversion or continuation, Borrower shall give Administrative Agent, prior to 11:00 a.
Continuation or Conversion of Loans. The Borrower may elect to (i) continue any outstanding LIBOR Rate Loan from one Loan Period into a subsequent Loan Period to begin on the last day of the earlier Loan Period, or (ii) convert any outstanding Loan into another type of Loan (on the last day of a Loan Period only, in the instance of a LIBOR Rate Loan), 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) 1:00 p.m., Minneapolis time, the Business Day prior of the requested continuation or conversion, if the continuing or converted Loan shall be a Prime Rate Loan or a Daily Reset LIBOR Rate Loan; or
(b) 12:00 noon, Minneapolis time, two Business days prior to the date of the requested continuation or conversion, if the continuing or converted Loan shall be a LIBOR Rate Loan. Each notice of continuation or conversion of a Loan 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 Loans 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 Rate Loans, the Loan Periods for such Loans.
Continuation or Conversion of Loans
