Common use of Conversion of Accounts Clause in Contracts

Conversion of Accounts. Subject to the dollar limits of Section 5.2 and provided that the Borrower may not convert to or select a new Interest Period for a Libor Account at any time when a Default exists, Borrower may (a) convert a Libor Account on the last day of the applicable Interest Period to a Base Rate Account, (b) convert a Base Rate Account (other than Base Rate Accounts consisting of Swingline Loans) at any time to a Libor Account, and (c) elect a new Interest Period for a Libor Account on the last day of the applicable Interest Period. Any such election may be made by telephonic request to Agent no later than 10:00 a.m. on the third Business Day before the conversion date or the last day of the Interest Period, as the case may be (for conversion to a Libor Account or election of a new Interest Period), and no later than 10:00 a.m. on the last day of the Interest Period (for conversion to a Base Rate Account). Borrower shall provide written notice of any such conversion, in reasonable detail, to Agent no later than two (2) days after the date of the conversion or election. Absent Borrower's telephonic request for conversion or election of a new Interest Period or if a Default exists, then, a Libor Account shall be deemed converted to a Base Rate Account effective when the applicable Interest Period expires.