Common use of Conversions and Renewals Clause in Contracts

Conversions and Renewals. Subject to Section 2.05 hereof and provided no Potential Default or Event of Default has occurred and is continuing, the Company shall have the right, on three Business Day's prior notice to the Administrative Agent (which notice shall be sent by facsimile and shall be effective upon receipt), to convert any Base Rate Loan into a LIBOR Loan or to continue any LIBOR Loan. Such notice must be received by the Administrative Agent no later than 12:30 p.m. Eastern time and shall state (i) the amount to be converted or continued; (ii) the date the conversion is to be effective (which date must be a Business Day); and (iii) the Interest Period applicable thereto (which period must expire on or prior to the Termination Date; provided, however, that such Interest Period may, at the Company's option, extend beyond the Termination Date provided further that (i) no Bank is thereby required to extend the Termination Date or renew this Agreement and (ii) if any Bank does not, in its sole discretion, extend, renew, or otherwise continue its commitment on or before the Termination Date then the balance of all LIBOR Loans made by the terminating Bank will be due and payable on the Termination Date and the Company will pay all costs relating to prepayment of LIBOR Loans as set forth in Section 2.11.). The Administrative Agent shall promptly send a copy of such notice to each Bank. Any LIBOR Loan which is not continued as provided above shall, on the last day of the Interest Period applicable thereto, automatically be converted to a Base Rate Loan. Bid Rate Loans may not be converted and may not be continued unless; (a) the Company requests bids pursuant to Section 2.02(C) hereof; (b) the Bank that made the Bid Rate Loan bids on the new Loan request; and (c) the Company accepts such bid. Unless continued in that manner, each Bid Rate Loan shall be repaid on the Bid Rate Maturity Date; and if for any reason such Loan is not repaid on such date, then such Loan shall bear interest until repaid at the rate set forth in Section 2.03(C) hereof.

Conversions and Renewals. Subject The Borrower may elect from time to Section 2.05 hereof and provided no Potential Default time to convert all or Event a part of Default has occurred and is continuing, one type of Revolving Credit Loan into another type of Revolving Credit Loan or to renew all or part of a Revolving Credit Loan by giving the Company shall have the right, on three Business Day's prior Administrative Agent written notice by submitting to the Administrative Agent an Interest Rate Election Notice at least one (which notice shall be sent by facsimile and shall be effective upon receipt), to convert any 1) Business Day before conversion into a Base Rate Loan Loan, at least three (3) Business Days before conversion into or renewal of a LIBOR Loan Loan, specifying: (1) the renewal or to continue any LIBOR Loan. Such notice must be received by the Administrative Agent no later than 12:30 p.m. Eastern time and shall state conversion date; (i2) the amount of the Revolving Credit Loan to be converted or continuedrenewed; (ii3) in the date case of conversions, the conversion is type of Loan to be effective (which date must be a Business Day)converted into; and (iii4) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto (which period must expire on or prior to the Termination Datethereto; provided, however, that such Interest Period may, at the Company's option, extend beyond the Termination Date provided further that (ia) no Bank is thereby required to extend the Termination Date minimum principal amount of each Revolving Credit Loan outstanding after a renewal or renew this Agreement conversion shall be $200,000 in the case of Base Rate Loans, and $1,000,000 in the case of LIBOR Loans; and (iib) if any Bank does not, in its sole discretion, extend, renew, or otherwise continue its commitment on or before the Termination Date then the balance of all LIBOR Loans made by the terminating Bank will may be due and payable on the Termination Date and the Company will pay all costs relating to prepayment of LIBOR Loans as set forth in Section 2.11.). The Administrative Agent shall promptly send a copy of such notice to each Bank. Any LIBOR Loan which is not continued as provided above shall, converted only on the last day of the Interest Period applicable for such Loan. The Administrative Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in accordance with each Bank’s Pro Rata Share of the amount to be converted or renewed. All notices given under this Section 2.6 shall be irrevocable and shall be given not later than 10:00 a.m. on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Administrative Agent the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted to into a Base Rate Loan on the last day of the Interest Period for such Loan. Bid Rate Loans may not be converted and may not be continued unless; (a) the Company requests bids pursuant to Notwithstanding anything provided in this Section 2.02(C) hereof; (b) the Bank that made the Bid Rate Loan bids on the new Loan request; and (c) the Company accepts such bid. Unless continued in that manner, each Bid Rate Loan shall be repaid on the Bid Rate Maturity Date; and if for any reason such Loan is not repaid on such date, then such Loan shall bear interest until repaid at the rate set forth 2.6 or in Section 2.03(C2.4, the Borrower shall have no more than six (6) hereofLIBOR Loans outstanding at any one time.

Conversions and Renewals. Subject The Borrower may elect from time to Section 2.05 hereof and provided no Potential Default time to convert all or Event a part of Default has occurred and is continuing, one type of Revolving Credit Loan into another type of Revolving Credit Loan or to renew all or part of a Revolving Credit Loan by giving the Company shall have the right, on three Business Day's prior Administrative Agent written notice by submitting to the Administrative Agent an Interest Rate Election Notice at least one (which notice shall be sent by facsimile and shall be effective upon receipt), to convert any 1) Business Day before conversion into a Base Rate Loan Loan, at least three (3) Business Days before conversion into or renewal of a LIBOR Loan Loan, specifying: (1) the renewal or to continue any LIBOR Loan. Such notice must be received by the Administrative Agent no later than 12:30 p.m. Eastern time and shall state conversion date; (i2) the amount of the Revolving Credit Loan to be converted or continuedrenewed; (ii3) in the date case of conversions, the conversion is type of Loan to be effective (which date must be a Business Day)converted into; and (iii4) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto (which period must expire on or prior to the Termination Datethereto; provided, however, that such Interest Period may, at the Company's option, extend beyond the Termination Date provided further that (ia) no Bank is thereby required to extend the Termination Date minimum principal amount of each Revolving Credit Loan outstanding after a renewal or renew this Agreement conversion shall be $200,000 in the case of Base Rate Loans, and $1,000,000 in the case of LIBOR Loans; and (iib) if any Bank does not, in its sole discretion, extend, renew, or otherwise continue its commitment on or before the Termination Date then the balance of all LIBOR Loans made by the terminating Bank will may be due and payable on the Termination Date and the Company will pay all costs relating to prepayment of LIBOR Loans as set forth in Section 2.11.). The Administrative Agent shall promptly send a copy of such notice to each Bank. Any LIBOR Loan which is not continued as provided above shall, converted only on the last day of the Interest Period applicable for such Loan. The Administrative Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in accordance with each Bank's Pro Rata Share of the amount to be converted or renewed. All notices given under this Section 2.6 shall be irrevocable and shall be given not later than 10:00 a.m. on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Administrative Agent the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted to into a Base Rate Loan on the last day of the Interest Period for such Loan. Bid Rate Loans may not be converted and may not be continued unless; (a) the Company requests bids pursuant to Notwithstanding anything provided in this Section 2.02(C) hereof; (b) the Bank that made the Bid Rate Loan bids on the new Loan request; and (c) the Company accepts such bid. Unless continued in that manner, each Bid Rate Loan shall be repaid on the Bid Rate Maturity Date; and if for any reason such Loan is not repaid on such date, then such Loan shall bear interest until repaid at the rate set forth 2.6 or in Section 2.03(C2.4, the Borrower shall have no more than six (6) hereofLIBOR Loans outstanding at any one time.