Common use of Conversion of Borrowings Clause in Contracts

Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, Borrower may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding any contrary provision of this Agreement, if an Event of Default has occurred and is continuing and Agent, at the written request of the Required Lenders, so notifies Borrower, then (A) no outstanding Borrowing may be converted to or continued as a Borrowing consisting of LIBOR Loans and (B) unless repaid, each Borrowing consisting of LIBOR Loans shall be converted to a Borrowing consisting of Base Rate Loans at the end of the Interest Period applicable thereto.

Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, the applicable Borrower may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding any contrary provision of this Agreement, (A) in no event shall any Borrower be permitted to convert a Loan in one Currency into a Loan of a different Currency (as opposed to repaying such Loan and thereafter obtaining a new Loan) and (B) if an Event of Default has occurred and is continuing and Agent, at the written request of the Required Lenders, so notifies BorrowerBorrowers, then (A1) no outstanding Borrowing may be converted to or continued as a Borrowing consisting of LIBOR Loans and in Dollars, (B2) unless repaid, each Borrowing consisting of LIBOR Loans in Dollars shall be converted to a Borrowing consisting of Base Rate Loans in Dollars at the end of the Interest Period applicable theretothereto and (3) unless repaid, each Borrowing consisting of LIBOR Loans in an Alternative Currency shall be continued as a Borrowing consisting of LIBOR Loans in an Alternative Currency with an Interest Period of one month’s duration.

Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, Borrower Borrower(s) may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. Borrower Borrowers may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding any contrary provision of this Agreement, (A) in no event shall any Borrower be permitted to convert a Loan in one Currency into a Loan of a different Currency (as opposed to repaying such Loan and thereafter obtaining a new Loan) and (B) if an Event of Default has occurred and is continuing and Agent, at the written request of the Required Lenders, so notifies the applicable Borrower, then (A1) no outstanding Borrowing may be converted to or continued as a Borrowing consisting of LIBOR Loans and in Dollars, (B2) unless repaid, each Borrowing consisting of LIBOR Loans in Dollars shall be converted to a Borrowing consisting of Base Rate Loans in Dollars at the end of the Interest Period applicable theretothereto and (3) unless repaid, each Borrowing consisting of LIBOR Loans in an Alternative Currency shall be continued as a Borrowing consisting of LIBOR Loans in an Alternative Currency with an Interest Period of one month's duration.