Common use of Conversion of Advances Clause in Contracts

Conversion of Advances. (a) Each Borrower may from time to time, by delivering a Borrowing Notice, elect to change the Type of any outstanding Advance, as follows: (i) if such Advance is a Libor Advance, such Borrower may elect to change such Libor Advance in whole or in part to a Prime Rate Advance or a Base Rate Advance beginning on the last day of the then current Interest Period applicable to such Libor Advance; (ii) if such Advance is a Prime Rate Advance, such Borrower may elect to change such Prime Rate Advance in whole or in part to a Libor Advance or a Base Rate Advance; and (iii) if such Advance is a Base Rate Advance, such Borrower may elect to change such Base Rate Advance in whole or in part to a Libor Advance or a Prime Rate Advance. (b) Each such election shall be made on at least three Business Days’ prior written notice for a conversion into a Libor Advance and on at least two Business Days’ notice in any other case, given not later than 9:00 a.m. (Vancouver time) by such Borrower to the Administration Agent. (c) Each Borrowing Notice delivered pursuant to this Section shall specify the new Type of Advance selected, the date on which the requested change is to be made, the currency (if changed) and, if the new Type of Advance is a Libor Advance, the duration of the initial Interest Period applicable thereto. (d) Such Borrower will, upon the date of any change in the Type of an Advance which results in a change in the currency borrowed, pay to the Lender an amount equal to the outstanding principal of the Advance (or part thereof) being converted in the currency of such Advance, and the Lender shall provide to such Borrower in replacement thereof currency of the requested Type of Advance. (e) Any change in the Type of an Advance pursuant to this Section shall be deemed to be a change in the type or form of borrowing and not a repayment or reborrowing by such Borrower.

Conversion of Advances. (a) Each Borrower may from time to time, by delivering a Borrowing Notice, elect to change the Type of any outstanding Advance, as follows: (i) if such Advance is a Libor Advance, such Borrower may elect to change such Libor Advance in whole or in part to a Prime Rate Advance or a Base Rate Advance beginning on the last day of the then current Interest Period applicable to such Libor Advance; (ii) if such Advance is a Prime Rate Advance, such Borrower may elect to change such Prime Rate Advance in whole or in part to a Libor Advance or a Base Rate Advance; and (iii) if such Advance is a Base Rate Advance, such Borrower may elect to change such Base Rate Advance in whole or in part to a Libor Advance or a Prime Rate Advance. (b) Each such election shall be made on at least three Business Days’ ' prior written notice for a conversion into a Libor Advance and on at least two Business Days’ ' notice in any other case, given not later than 9:00 a.m. (Vancouver time) by such Borrower to the Administration Agent. (c) Each Borrowing Notice delivered pursuant to this Section shall specify the new Type of Advance selected, the date on which the requested change is to be made, the currency (if changed) and, if the new Type of Advance is a Libor Advance, the duration of the initial Interest Period applicable thereto. (d) Such Borrower will, upon the date of any change in the Type of an Advance which results in a change in the currency borrowed, pay to the Lender an amount equal to the outstanding principal of the Advance (or part thereof) being converted in the currency of such Advance, and the Lender shall provide to such Borrower in replacement thereof currency of the requested Type of Advance. (e) Any change in the Type of an Advance pursuant to this Section shall be deemed to be a change in the type or form of borrowing and not a repayment or reborrowing by such Borrower.

Conversion of Advances. (a) Each Borrower WFT or Norbord may from time to time, by delivering a Borrowing NoticeNotice to the Agent, elect to change the Type make a Conversion of any outstanding AdvanceLIBOR Advance or Base Rate Advance under the Revolver Facility, as follows: (i) if such Advance is a Libor LIBOR Advance, such Borrower WFT or Norbord may elect to change convert such Libor LIBOR Advance in whole or in part to a Prime Rate Advance or a Base Rate Advance beginning on the last day of the then current Interest Period applicable to such Libor Advance; (ii) if such Advance is a Prime Rate Advance, such Borrower may elect to change such Prime Rate Advance in whole or in part to a Libor Advance or a Base Rate LIBOR Advance; and (iiiii) if such Advance is a Base Rate Advance, such Borrower WFT or Norbord may elect to change convert such Base Rate Advance in whole or in part to a Libor Advance or a Prime Rate LIBOR Advance. (b) WFUS may, from time to time, by delivering a Borrowing Notice to the US Agent, elect to make a Conversion of any outstanding Advance, as follows: (i) if such Advance is a LIBOR Advance, WFUS may elect to convert such LIBOR Advance in whole or in part to a NY Prime Rate Advance beginning on the last day of the then current Interest Period applicable to such LIBOR Advance; and (ii) if such Advance is a NY Prime Rate Advance, WFUS may elect to convert such NY Prime Rate Advance in whole or in part to a LIBOR Advance. (c) WFT may from time to time, by delivering a Borrowing Notice to the Agent, elect to make a Conversion of any outstanding Advance under the Term Facility, as follows: (i) if such Advance is a LIBOR Advance, WFT may elect to convert such LIBOR Advance in whole or in part to a Base Rate Advance beginning on the last day of the then current Interest Period applicable to such LIBOR Advance; and (ii) if such Advance is a Base Rate Advance, WFT may elect to convert such Base Rate Advance in whole or in part to a LIBOR Advance. (d) Each such election shall be made on at least three Business Days’ prior written notice for a conversion Conversion into a Libor LIBOR Advance and on at least two Business Days’ notice in any other case, given not later than 9:00 11:30 a.m. (Vancouver Toronto time or New York City time) , as applicable), by such the applicable Borrower to the Administration AgentAgent or the US Agent (as applicable). (ce) Each Borrowing Notice delivered pursuant to this Section shall specify the new Type of Advance selected, the date on which the requested change Conversion is to be made, the currency (if changed) and, if the new Type of Advance is a Libor LIBOR Advance, the duration of the initial Interest Period applicable thereto. (d) Such Borrower will, upon the date of any change in the Type of an Advance which results in a change in the currency borrowed, pay to the Lender an amount equal to the outstanding principal of the Advance (or part thereof) being converted in the currency of such Advance, and the Lender shall provide to such Borrower in replacement thereof currency of the requested Type of Advance. (e) Any change in the Type of an Advance pursuant to this Section shall be deemed to be a change in the type or form of borrowing and not a repayment or reborrowing by such Borrower.