Common use of Conversions and Renewals Clause in Contracts

Conversions and Renewals. The Borrower may elect from time to time to convert all or a part of one type of Loan into another type of Loan or to renew all or part of a Loan by giving the Agent written notice by submitting to Agent an Interest Rate Election Notice, in form and content as set forth on Schedule “2.06" hereto, at least one (1) Business Day before conversion into a Prime Loan, at least three (3) Business Days before conversion into or renewal of a LIBOR Loan, specifying: (1) the renewal or conversion date; (2) the amount of the Loan to be converted or renewed; (3) in the case of conversions, the type of Loan to be converted into; and (4) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto; provided that (a) the minimum principal amount of each Loan outstanding after a renewal or conversion shall be Two Hundred Thousand and No/100 Dollars ($200,000.00) in the case of Prime Loans, and Four Million and No/100 Dollars ($4,000,000.00) in the case of LIBOR Loans; and (b) LIBOR Loans may be converted only on the last day of the Interest Period for such Loan. The Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in the proportion that each Bank’s Loan bears to the total amount of all the Banks’ Loans. All notices given under this Section 2.06 shall be irrevocable and shall be given not later than 10:00 a.m. (Central time) 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 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 into a Prime Loan on the last day of the Interest Period for such Loan. Notwithstanding anything provided in this Section 2.06 or in Section 2.04, Borrower shall have no more than four (4) LIBOR Loans outstanding at any one time.

Conversions and Renewals. The Borrower may elect from time to time to convert all or a part of one type of Loan into another type of Loan or to renew all or part of a Loan by giving the Agent written Lender notice by submitting to Agent an Interest Rate Election Notice, in form and content as set forth on Schedule “2.06" hereto, at least one (1) Business Day before conversion into a Prime Loan, Base Rate Loan and at least three (3) Business Days before the conversion into or renewal of a LIBOR Loan, specifying: (1a) the renewal or conversion date; (2b) the amount of the Loan to be converted or renewed; (3c) in the case of conversions, the type of Loan to be converted into; and (4d) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto; provided that (a) the minimum principal amount of each Loan outstanding after a renewal or conversion shall be Two Hundred Thousand and No/100 Dollars ($200,000.00) in the case of Prime Loans, and Four Million and No/100 Dollars ($4,000,000.00) in the case of LIBOR Loans; and (b) LIBOR Loans may can be converted only on the last day of the Interest Period for such Loan. The Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in the proportion that each Bank’s Loan bears to the total amount of all the Banks’ Loans. All notices given under this Section 2.06 6.1 shall be irrevocable and shall be given not later than 10:00 a.m. 11:00A.M. (Central New York time) 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 Agent Lender the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect theretothereto or a Fixed Rate Loan prior to the expiration of the period for which such rate is fixed, such LIBOR Loan or Fixed Rate Loan shall automatically be converted into a Prime Base Rate Loan on the last day of the Interest Interest-Period for such Loan. Notwithstanding anything provided Each LIBOR Loan shall be in this Section 2.06 or an amount not less than $1,000,000 and in Section 2.04, Borrower $500,000 increments except LIBOR Loans made under the Equipment Line Facility which shall have no be in amounts not less than $100,000 and in $100,000 increments. No more than four five (45) LIBOR Loans may be outstanding at any one time.

Conversions and Renewals. The Borrower may elect from time to time to convert all or a part of one type of Loan into another type of Loan or to renew all or part of a Loan by giving the Agent written notice by submitting to Agent an Interest Rate Election Notice, in form and content as set forth on Schedule “2.06" hereto, at least one (1) Business Day before conversion into a Prime Loan, Base Rate Loan and at least three (3) Business Days before the conversion into or renewal of a LIBOR Loan, specifying: (1a) the renewal or conversion date; (2b) the amount of the Loan to be converted or renewed; (3c) in the case of conversions, the type of Loan to be converted into; and (4d) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto; provided that (a) the minimum principal amount of each Loan outstanding after a renewal or conversion shall be Two Hundred Thousand and No/100 Dollars ($200,000.00) in the case of Prime Loans, and Four Million and No/100 Dollars ($4,000,000.00) in the case of LIBOR Loans; and (b) LIBOR Loans may can be converted only on the last day of the Interest Period for such Loan. The Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in the proportion that each Bank’s Loan bears to the total amount of all the Banks’ Loans. All notices given under this Section 2.06 1.8 shall be irrevocable and shall be given not later than 10:00 a.m. 11:00A.M. (Central New York time) 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 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 into a Prime Base Rate Loan on the last day of the Interest Interest-Period for such Loan. Notwithstanding anything provided Each LIBOR Loan shall be in this Section 2.06 or an amount not less than One Million Dollars ($1,000,000) and in Section 2.04, Five Hundred Thousand Dollar ($500,000) increments. The Borrower shall may not have no more than four six (46) LIBOR Loans outstanding elections in effect at any one timetime with respect to Revolving Credit Loans, nor more than three (3) LIBOR elections in effect at any one time with respect to Term Loans.

Conversions and Renewals. The Borrower may elect from time to time to convert all or a part of one type Type of Loan into another type Type of Loan or to renew all or part of a Loan by giving the Agent written notice by submitting to Agent an Interest Rate Election Notice, in form and content as set forth on Schedule “2.06" hereto, at least one (1) Business Day before conversion into a Prime Base Rate Loan, and at least three two (32) Business Days before the conversion into or renewal of a LIBOR Rate Loan (provided that once three (3) or more Banks are parties to this Agreement then the Borrower shall give the Agent three (3) Business Days notice before the conversion into or renewal of a LIBOR Rate Loan), specifying: (1a) the renewal or conversion date; (2b) the amount of the Loan to be converted or renewed; (3c) in the case of conversions, the type Type of Loan to be converted into; and (4d) in the case of renewals of or a conversion into LIBOR Rate Loans, the duration of the Interest Period applicable thereto; provided that (a1) the aggregate minimum principal amount of each Loan all Loans outstanding after a renewal or conversion thereof on a single date shall be Two Hundred Thousand and No/100 One Million Dollars ($200,000.00) in the case of Prime Loans, and Four Million and No/100 Dollars ($4,000,000.00) in the case of LIBOR Loans1,000,000.00); and (b2) LIBOR Rate Loans may can be converted only on the last day of the Interest Period for such Rate Loans Loan. The Agent shall promptly notify each Bank of each such notice. All conversions and renewals shall be made in the proportion that each Bank’s Loan bears to the total amount of all the Banks’ Loans. All notices given under this Section 2.06 shall be irrevocable and shall be given not later than 10:00 a.m. (Central time) 11:00 A.M. Philadelphia, Pennsylvania time 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 Agent the notice as specified above for the renewal or conversion of a LIBOR Rate Loan prior to the end of the Interest Period with respect thereto, such LIBOR Rate Loan shall automatically be converted into a Prime Base Rate Loan on the last day of the Interest Period for such LIBOR Rate Loan. Notwithstanding anything provided in this Section 2.06 or in Section 2.04, Borrower shall have no more than four (4) LIBOR Loans outstanding at any one time.