Common use of Continuation or Conversion of Loans Clause in Contracts

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. 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, including a Revolving Loan resulting from a Drawing in accordance with the terms hereof, the Company shall notify the Bank Agent (which notice shall be irrevocable) by telex, telegraph or telephone received no later than 10:00 11:00 a.m. (New YorkHartford, New York Connecticut time) on the date two one (21) Business Days Day 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 BankAgent, the records of the Bank Agent shall control absent manifest error. On each date on which a Notice of Continuation or Conversion is delivered to the Agent, the Agent shall notify each Bank no later than 3:00 p.m. (Hartford, Connecticut time) of the receipt of such Notice of Continuation or Conversion.

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, including a Revolving Loan resulting from a Drawing in accordance with the terms hereof, the Company shall notify the Bank Administrative Agent (which notice shall be irrevocable) by telex, telegraph or telephone received no later than 10:00 11:00 a.m. (New YorkHartford, New York Connecticut time) on the date two one (21) Business Days Day 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 EXHIBIT D attached hereto (the "Notice of Continuation or Conversion"); providedPROVIDED, howeverHOWEVER, that if such written confirmation differs in any material respect from the action taken by the BankAdministrative Agent, the records of the Bank Administrative Agent shall control absent manifest error. On each date on which a Notice of Continuation or Conversion is delivered to the Administrative Agent, the Administrative Agent shall notify each Bank no later than 3:00 p.m. (Hartford, Connecticut time) of the receipt of such Notice of Continuation or Conversion.

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 35 26 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.