Common use of Continuation or Conversion of Loans Clause in Contracts

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 Borrower may elect to (ia) continue any outstanding Eurodollar LIBOR Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (iib) convert any outstanding Advance into another type of Advance (on the last day of an Interest Period only, in the instance of a Eurodollar LIBOR Advance), by giving the Agent irrevocable 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, 1:00 p.m. 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 Day prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall is to be a Eurodollar Base Rate Advance; or (b) 12:00 noon at least three Business Days prior to the date of the requested continuation or conversion, if the continuing or converted Advance is to 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, Eurodollar Advancesa LIBOR Advance, the Interest Periods Period for such AdvancesAdvance. Absent timely notice of continuation or conversionof a LIBOR Advance, each Eurodollar such LIBOR Advance shall automatically (unless repaid in full) convert into a Reference Base Rate Advance on the last day of an applicable the Interest Period, unless paid in full on such last dayPeriod therefor. No Advance shall be continued as, or converted into, a Eurodollar LIBOR 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 DateTermination Date or if a Default or Event of Default exists.

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 Business Day of the requested continuation or conversion, if the continuing or converted Advance shall be a Reference Prime Rate Advance; or (b) 10:00 a.m., Minneapolis time, two (2) three 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 the Agent may, at its option, convert the Advance into a Prime Rate Advance, but until so converted, the Advance shall automatically convert into a Reference Rate Advance on continue to bear interest at the last day rate applicable thereto prior to expiration of an applicable the prior 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 DateTermination 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.12:00 noon, Minneapolis time, on one Business Day prior to the date of the requested continuation or conversion, if the continuing or converted Advance shall be a Reference Prime Rate Advance; or (b) 10:00 a.m.12:00 noon, Minneapolis time, two (2) three 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 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 following expiration of an Interest Period unless the Eurodollar Advance shall automatically convert into a Reference Rate Advance on the last day of an applicable Interest Period, unless is paid in full on the Agent may at any time thereafter convert the Eurodollar Advance into a Prime Rate Advance. Until such last daytime as such Advance is converted into a Prime Rate Advance by the Agent or the Borrower or is continued as a Eurodollar 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. 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 Dateexist.

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 Daily Pricing Advance or Reference Rate Advance; or (b) 10:00 a.m.12:00 noon, Minneapolis time, two (2) three 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 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 DateTermination 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 Bank notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Agent Bank 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 DateTermination 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 Bank 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 Daily Pricing Advance or Reference Rate Advance; or (b) 10:00 a.m.12:00 noon, Minneapolis time, two (2) three 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 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 DateTermination 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 CD Rate Advance or 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 CD Rate Advance or Eurodollar Advance), by giving the Agent notice in writing, writing or by telephone promptly confirmed in writingor by telecopy, given so as to be received by the Agent not later than: (a) 10:00 a.m.12:01 p.m., Minneapolis time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a CD Rate Advance or Reference Rate Advance; or (b) 10:00 a.m.12:01 p.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 SECTION 2.2), and (iii) for continuation as, or conversion into, CD Rate Advances or Eurodollar Advances, the Interest Periods for such Advances. Absent timely notice of continuation or conversion, each CD Rate Advance and 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 CD Rate Advance or 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 DateTermination Date or if a Default or Event of Default shall exist.