Common use of Conversion or Continuation of Advances Clause in Contracts

Conversion or Continuation of Advances. (a) The Borrower shall have the option (i) to convert at any time all or any part of the outstanding Base Rate Advances comprising the same Borrowing into one or more Eurodollar Rate Advances, each for an Interest Period commencing on the applicable Conversion Date; (ii) to convert on any Interest Period Expiration Date all of the outstanding Eurodollar Rate Advances comprising the same Borrowing into one or more Base Rate Advances; or (iii) to continue on any Interest Period Expiration Date all or any part of outstanding Eurodollar Rate Advances comprising the same Borrowing as one or more Eurodollar Rate Advances, each for an Interest Period commencing on such Interest Period Expiration Date; provided, however, that (A) if the Borrower shall not have exercised its options set forth in either clauses (ii) or (iii) of this Section 3.03(a) with respect to any Eurodollar Rate Advances comprising a Borrowing by delivery to the Agent of a Notice of Continuation or Conversion in accordance with the terms of Section 3.03(b), the Borrower shall be deemed to have irrevocably elected to convert such Eurodollar Rate Advances into Base Rate Advances on the Interest Period Expiration Date for such Advances, and (B) if a Default or an Event of Default has occurred and is continuing the Borrower shall not be entitled to convert Base Rate Advances or continue Eurodollar Rate Advances.

Conversion or Continuation of Advances. (a) The Borrower shall have the option (i) to convert at any time all or any part of the outstanding Base Rate Advances comprising the same Borrowing into one or more Eurodollar Rate Advances, each for an Interest Period commencing on the applicable Conversion Date; (ii) to convert on any Interest Period Expiration Date all of the outstanding Eurodollar Rate Advances comprising the same Borrowing into one or more Base Rate Advances; or (iii) to continue on any Interest Period Expiration Date all or any part of outstanding Eurodollar Rate Advances comprising the same Borrowing as one or more Eurodollar Rate Advances, each for an Interest Period commencing on such Interest Period Expiration Date; provided, however, that (A) if the Borrower shall not have exercised its options set forth in either clauses (ii) or (iii) of this Section 3.03(a) with respect to any Eurodollar Rate Advances comprising a Borrowing by delivery to the Agent Lender of a Notice of Continuation or Conversion in accordance with the terms of Section 3.03(b), the Borrower shall be deemed to have irrevocably elected to convert such Eurodollar Rate Advances into Base Rate Advances on the Interest Period Expiration Date for such Advances, and (B) if a Default or an Event of Default has occurred and is continuing the Borrower shall not be entitled to convert Base Rate Advances or continue Eurodollar Rate Advances.