Common use of Conversion of Term Advances Clause in Contracts

Conversion of Term Advances. Subject to the satisfaction of the conditions precedent set forth in Section 5.03 hereof, the Account Party may elect to Convert one or more Term Advances of any Type to one or more Term Advances of the same or any other Type on the following terms and subject to the following conditions: (a) Each Conversion shall be made as to all Term Advances comprising a single Term Borrowing upon written notice given by the Account Party to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion. The Agent shall notify each Participating Bank of the contents of such notice promptly after receipt thereof. Each such notice shall specify therein the following information: (A) the date of such proposed Conversion (which in the case of Eurodollar Rate Advances shall be last day of the Interest Period then applicable to such Term Advances to be Converted), (B) Type of, and Interest Period, if any, applicable to the Term Advances proposed to be Converted, (C) the aggregate principal amount of Term Advances proposed to be Converted, and (D) the Type of Term Advances to which such Term Advances are proposed to be Converted and, subject to Section 3.05(c), the Interest Period, if any, to be applicable thereto. (b) During the continuance of an Unmatured Default or an Event of Default, the right of the Account Party to Convert Term Advances to Eurodollar Rate Advances shall be suspended, and all Eurodollar Rate Advances then outstanding shall be Converted to Base Rate Advances on the last day of the Interest Period then in effect, if, on such day, an Unmatured Default or an Event of Default shall be continuing. (c) If no notice of Conversion is received by the Agent as provided in subsection (a) above with respect to any outstanding Eurodollar Rate Advances, the Agent shall treat such absence of notice as a deemed notice of Conversion providing for such Advances to be Converted to Base Rate Advances on the last day of the Interest Period then in effect for such Eurodollar Rate Advances.

Conversion of Term Advances. Subject to the satisfaction of the conditions precedent set forth in Section 5.03 hereof, the Account Party may elect to Convert one or more Term Advances of any Type to one or more Term Advances of the same or any other Type on the following terms and subject to the following conditions: (a) Each Conversion shall be made as to all Term Advances comprising a single Term Borrowing The Borrower may, upon written notice given to and received by the Account Party to Lender (i) not later than 2:00 p.m. (Phoenix, Arizona local time) on the Agent second Business Day before the requested Conversion, in the case of any Conversion of Prime Rate Term Advances into LIBOR Rate Term Advances, and (ii) not later than 11:00 A.M. (New York City Phoenix, Arizona local time) on the third same Business Day prior as the Conversion, in the case of any Conversion of LIBOR Rate Term Advances into Prime Rate Term Advances, subject to the date provisions of this Section 3A.4, Convert any Term Advances of one Type into Term Advances of another Type; provided, however, that any Conversion of LIBOR Rate Term Advances made on other than the proposed Conversion. The Agent last day of said Term Advances's Interest Period shall notify each Participating Bank of the contents of such notice promptly after receipt thereofbe made only on condition that Borrower pays all amounts specified in connection therewith in Section 3A.8(e). Each such notice of a Conversion shall be irrevocable and binding on the Borrower. Each such notice of a Conversion shall, within the restrictions specified above, specify therein the following information: (Aw) the date of such proposed Conversion (which in x) the case of Eurodollar Rate Advances shall be last day of the Interest Period then applicable to such Term Advances to be Converted), (B) Type of, and Interest Period, if any, applicable to the Term Advances proposed to be Converted, (C) the aggregate principal amount of Term Advances proposed to be Converted, and (Dy) the Type of Term Advances to into which such the Term Advances are proposed to be Converted andConverted, subject to Section 3.05(c)-6- and (z) if such Conversion is into LIBOR Rate Term Advances, the duration of the Interest Period, if any, to be applicable theretoPeriod for each such Term Advance. (b) During If the continuance Borrower should fail to give the Lender any notice of an Unmatured Default or an Event of Default, Conversion upon the right of the Account Party to Convert Term Advances to Eurodollar Rate Advances shall be suspended, and all Eurodollar Rate Advances then outstanding shall be Converted to Base Rate Advances on the last day termination of the Interest Period then in effectfor a LIBOR Rate Term Advance, ifsuch Term Advance, on such day, an Unmatured Default or an Event of Default shall be continuing. (c) If no notice of Conversion is received by upon the Agent as provided in subsection (a) above with respect to any outstanding Eurodollar Rate Advances, the Agent shall treat such absence of notice as a deemed notice of Conversion providing for such Advances to be Converted to Base Rate Advances on the last day termination of the Interest Period then in effect for such Eurodollar Period, shall automatically become a Prime Rate AdvancesTerm Advance.

Conversion of Term Advances. Subject to the satisfaction of the conditions precedent set forth in Section 5.03 hereof, the Account Party may elect to Convert one or more Term Advances of any Type to one or more Term Advances of the same or any other Type on the following terms and subject to the following conditions: (a) Each Conversion shall be made as to all Term Advances comprising a single Term Borrowing upon written notice given by the Account Party to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion. The Agent shall notify each Participating Bank of the contents of such notice promptly after receipt thereof. Each such notice shall specify therein the following information: (A) the date of such proposed Conversion (which in the case of CD Rate Advances or Eurodollar Rate Advances shall be the last day of the Interest Period then applicable to such Term Advances to be Converted), (B) Type of, and Interest Period, if any, applicable to the Term Advances proposed to be Converted, (C) the aggregate principal amount of Term Advances proposed to be Converted, and (D) the Type of Term Advances to which such Term Advances are proposed to be Converted and, subject to Section 3.05(c), and the Interest Period, if any, to be applicable thereto. (b) During the continuance of an Unmatured Default or an Event of Default, the right of the Account Party to Convert Term Advances to CD Rate Advances or to Eurodollar Rate Advances shall be suspended, and all CD Rate Advances and Eurodollar Rate Advances then outstanding shall be Converted to Base Rate Advances on the last day of the Interest Period then in effect, if, on such day, an Unmatured Default or an Event of Default shall be continuing. (c) If no notice of Conversion is received by the Agent as provided in subsection (a) above with respect to any outstanding CD Rate Advances or Eurodollar Rate Advances, the Agent shall treat such absence of notice as a deemed notice of Conversion providing for such Advances to be Converted to Base Rate Advances on the last day of the Interest Period then in effect for such CD Rate Advances or Eurodollar Rate Advances.