Common use of Conversions and Rollovers Regarding Advances Clause in Contracts

Conversions and Rollovers Regarding Advances. (1) Each Advance shall initially be the Type of Advance specified in the applicable Borrowing Notice and shall bear interest at the rate applicable to such Type of Advance (determined as provided in Section 3.05) until (i) in the case of a LIBOR Advance, the end of the initial Interest Period applicable thereto as specified in the applicable Borrowing Notice, (ii) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, the date on which the relevant Type of Advance is repaid in full or is converted to another Type of Advance pursuant to and to the extent permitted by Section 3.03(2). (2) The Borrowers may elect to (i) convert any Advance (other than a Swing Line Advance) outstanding thereunder to another Type of Accommodation denominated in the same currency available thereunder in accordance with Section 3.03(3) or Section 4.05, as applicable, (x) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, as of any Business Day or (y) in the case of a LIBOR Advance as of the last day of the Interest Period applicable to such LIBOR Advance; or (ii) continue any LIBOR Advance for a further Interest Period, beginning on the last day of the then current Interest Period, in accordance with Section 3.03(3). (3) Each election to convert from one Type of Advance to another Type of Accommodation or to continue a LIBOR Advance for a further Interest Period shall be made on the number of days prior notice specified in Schedule 6 given, in each case, not later than 1:00 p.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such election shall be made by giving a notice (a “Rollover/Conversion Notice”) substantially in the form of Schedule 2 and shall be irrevocable and binding upon the Borrowers. If a Borrower fails to deliver a Rollover/Conversion Notice to the Administrative Agent for any LIBOR Advance as provided in this Section 3.03(3), such LIBOR Advance shall be converted (as of the last day of the applicable Interest Period) to and thereafter shall be outstanding as a U.S. Base Rate Advance. The Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.01 or ends after the Maturity Date. (4) Upon the occurrence of, and during the continuance of, an Event of Default, the Borrowers shall not have the right to convert Advances into, or to continue (i) LIBOR Advances, and each LIBOR Advance shall convert to a U.S. Base Rate Advance at the end of the applicable Interest Period or (ii) BA Instruments, and each Accommodation outstanding by way of BA Instruments shall convert to a Canadian Prime Rate Advance on the maturity date for the BA Instrument.

Conversions and Rollovers Regarding Advances. (1) Each Advance shall initially be Subject to the Type Types of Advance specified in the applicable Borrowing Notice Accommodation and shall bear interest at the rate applicable to such Type of Advance (determined as provided in Section 3.05) until (i) in the case of a LIBOR AdvanceAdvances, the end of the initial Interest Period applicable thereto as specified in the applicable Borrowing Notice, (ii) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, the date on which the relevant Type of Advance is repaid in full or is converted to another Type of Advance pursuant to and to the extent permitted by Section 3.03(2). (2) The Borrowers may elect to (i) convert change any Advance (other than a Swing Line Advance) outstanding, or any portion thereof, in each case, in the minimum aggregate amount referred to in Schedule 5 to another Type of Advance or convert an Advance outstanding thereunder to another Type of Accommodation denominated in the same currency available thereunder in accordance with Section 3.03(3) or Section 4.05case of an Advance other than SOFR Loan, as applicableof any Business Day, (x) and in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, as of any Business Day or (y) in the case of a LIBOR Advance SOFR Loan as of the last day of the Interest Period applicable thereto; provided that in the case of the change or conversion of an Advance denominated in one currency to an Advance denominated in another currency, the principal amount and interest thereon of such LIBOR AdvanceAdvance to be changed or converted is paid in full on the date of such change or conversion; or (ii) continue any LIBOR Advance other than an Advance bearing interest at the Term SOFR Reference Rate for a further Interest Period, Period beginning on the last day of the then current Interest Period, in accordance with Section 3.03(3)Period applicable to such Advance. (32) Each election to change or convert from one an Advance into another Type of Advance to another or Type of Accommodation or to continue a LIBOR an Advance other than an Advance bearing interest at the Term SOFR Reference Rate for a further Interest Period Period, shall be made on the number of days prior notice specified in Schedule 6 5 given, in each case, not later than 1:00 p.m. 11:00 a.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such election shall be made by giving a notice (a an “Rollover/Conversion Interest Rate Election Notice”) shall be given substantially in the form of Schedule 2 and shall be irrevocable and binding upon the Borrowersapplicable Borrower. If a the applicable Borrower fails to deliver a Rollover/Conversion an Interest Rate Election Notice to the Administrative Agent for any LIBOR Advance other than an Advance bearing interest at the Term SOFR Reference Rate or Daily Simple SOFR as provided in this Section 3.03(33.03(2), such LIBOR Advance shall be converted (as of the last day of the applicable Interest Period) to and thereafter shall be outstanding as a U.S. Base Rate (Canada) Advance or Base Rate (United States) Advance, as applicable. The No Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.01 or ends after the Maturity DatePeriod. (4) Upon the occurrence of, and during the continuance of, an Event of Default, the Borrowers shall not have the right to convert Advances into, or to continue (i) LIBOR Advances, and each LIBOR Advance shall convert to a U.S. Base Rate Advance at the end of the applicable Interest Period or (ii) BA Instruments, and each Accommodation outstanding by way of BA Instruments shall convert to a Canadian Prime Rate Advance on the maturity date for the BA Instrument.

Conversions and Rollovers Regarding Advances. (1a) Each Advance shall initially be the Type of Advance specified in the applicable Borrowing Notice and shall bear interest at the rate applicable to such Type of Advance (determined as provided in Section 3.05) until Borrower may elect to: (i) change any Advance outstanding under a Credit Facility, or portion thereof, in each case, in the case of a LIBOR Advance, the end of the initial Interest Period applicable thereto as specified amount referred to in the applicable Borrowing Notice, (iiSection 3.1(b) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, the date on which the relevant Type of Advance is repaid in full or is converted to another Type of Advance pursuant to and to under the extent permitted by Section 3.03(2). (2) The Borrowers may elect to (i) same Credit Facility or convert any an Advance (other than outstanding under a Swing Line Advance) outstanding thereunder Credit Facility to another Type of Accommodation denominated in under the same currency available thereunder in accordance with Section 3.03(3) or Section 4.05, as applicable, (x) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, as of any Business Day or Credit Facility (y) in the case of a LIBOR Advance Floating Rate Advance, as of any Business Day, and (z) in the case of a SOFR Loan, as of the last day of the Interest Period applicable to such LIBOR SOFR Loan, provided that in the case of the change or conversion of a Canadian Dollar Advance to a U.S. Dollar Advance, or a U.S. Dollar Advance to a Canadian Dollar Advance, the principal amount and interest thereon of such Advance to be changed or converted is paid in full on the date of such change or conversion; or or (ii) continue any LIBOR Advance SOFR Loan under a Credit Facility for a further Interest Period, Period under the same Credit Facility beginning on the last day of the then current Interest Period, in accordance with Section 3.03(3)Period applicable to such Advance. (3b) Each election to change or convert from one an Advance into another Type of Advance to another or Type of Accommodation or to continue a LIBOR Advance SOFR Loan for a further Interest Period Period, shall be made on the number of days prior notice specified in Schedule 6 given, in each case, not later than 1:00 p.m. 9:00 a.m. (Toronto Calgary time) by the applicable Borrower to the Administrative Agent. Each such election notice (an “Interest Rate Election”) shall be made by giving a notice (a “Rollover/Conversion Notice”) given substantially in the form of Schedule 2 3 and shall be irrevocable and binding upon the Borrowersapplicable Borrower. If a the applicable Borrower fails to deliver a Rollover/Conversion Notice an Interest Rate Election to the Administrative Agent for any LIBOR Advance SOFR Loan under a Credit Facility as provided in this Section 3.03(3)3.3, such LIBOR Advance SOFR Loan shall be converted (as of the last day of the applicable Interest Period) to and thereafter shall be outstanding as a U.S. Base Rate Advance(Canada) Advance under the same Credit Facility. The A Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.01 or ends after the Maturity Date1.1. (4) Upon the occurrence of, and during the continuance of, an Event of Default, the Borrowers shall not have the right to convert Advances into, or to continue (i) LIBOR Advances, and each LIBOR Advance shall convert to a U.S. Base Rate Advance at the end of the applicable Interest Period or (ii) BA Instruments, and each Accommodation outstanding by way of BA Instruments shall convert to a Canadian Prime Rate Advance on the maturity date for the BA Instrument.

Conversions and Rollovers Regarding Advances. (1) Each Advance shall initially be the Type of Advance specified in the applicable Borrowing Notice and shall bear interest at the rate applicable to such Type of Advance (determined as provided in Section 3.05) until (i) in the case of a LIBOR SOFR Advance, the end of the initial Interest Period applicable thereto as specified in the applicable Borrowing Notice, (ii) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, the date on which the relevant Type of Advance is repaid in full or is converted to another Type of Advance pursuant to and to the extent permitted by Section 3.03(2). (2) The Borrowers may elect to (i) convert any Advance (other than a Swing Line Advance) outstanding thereunder to another Type of Accommodation denominated in the same currency available thereunder in accordance with Section 3.03(3) or Section 4.05, as applicable, (x) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, as of any Business Day or (y) in the case of a LIBOR SOFR Advance as of the last day of the Interest Period applicable to such LIBOR SOFR Advance; or (ii) continue any LIBOR SOFR Advance for a further Interest Period, beginning on the last day of the then current Interest Period, in accordance with Section 3.03(3). (3) Each election to convert from one Type of Advance to another Type of Accommodation or to continue a LIBOR SOFR Advance for a further Interest Period shall be made on the number of days prior notice specified in Schedule 6 given, in each case, not later than 1:00 p.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such election shall be made by giving a notice (a “Rollover/Conversion Notice”) substantially in the form of Schedule 2 and shall be irrevocable and binding upon the Borrowers. If a Borrower fails to deliver a Rollover/Conversion Notice to the Administrative Agent for any LIBOR SOFR Advance as provided in this Section 3.03(3), such LIBOR SOFR Advance shall be converted (as of the last day of the applicable Interest Period) to and thereafter shall be outstanding as a U.S. Base Rate Advance. The Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.01 or ends after the Maturity Date. (4) Upon the occurrence of, and during the continuance of, an Event of Default, the Borrowers shall not have the right to convert Advances into, or to continue (i) LIBOR SOFR Advances, and each LIBOR SOFR Advance shall convert to a U.S. Base Rate Advance at the end of the applicable Interest Period or (ii) BA Instruments, and each Accommodation outstanding by way of BA Instruments shall convert to a Canadian Prime Rate Advance on the maturity date for the BA Instrument.

Conversions and Rollovers Regarding Advances. (1) Each Advance shall initially be Subject to the Type Types of Advance specified in the applicable Borrowing Notice Accommodation and shall bear interest at the rate applicable to such Type of Advance (determined as provided in Section 3.05) until (i) in the case of a LIBOR AdvanceAdvances, the end of the initial Interest Period applicable thereto as specified in the applicable Borrowing Notice, (ii) in the case of a Canadian Prime Rate Advance or U.S. Base Rate Advance, the date on which the relevant Type of Advance is repaid in full or is converted to another Type of Advance pursuant to and to the extent permitted by Section 3.03(2). (2) The Borrowers may elect to (i) convert change any Advance (other than a Swing Line Advance) outstanding, or any portion thereof, in each case, in the minimum aggregate amount referred to in SCHEDULE 4 to another Type of Advance or convert an Advance outstanding thereunder to another Type of Accommodation denominated in the same currency available thereunder in accordance with Section 3.03(3) case of an Advance other than a SOFR Loan or Section 4.05CDOR Loan, as applicableof any Business Day, (x) and in the case of a Canadian Prime Rate Advance SOFR Loan or U.S. Base Rate Advance, as of any Business Day or (y) in the case of a LIBOR Advance CDOR Loan as of the last day of the Interest Period applicable thereto; provided that in the case of the change or conversion of an Advance denominated in one currency to an Advance denominated in another currency, the principal amount and interest thereon of such LIBOR AdvanceAdvance to be changed or converted is paid in full on the date of such change or conversion; or (ii) continue any LIBOR Advance other than an Advance bearing interest at the Term SOFR Reference Rate for a further Interest Period, Period beginning on the last day of the then current Interest Period, in accordance with Section 3.03(3)Period applicable to such Advance. (32) Each election to change or convert from one an Advance into another Type of Advance to another or Type of Accommodation or to continue a LIBOR an Advance other than an Advance bearing interest at the Term SOFR Reference Rate for a further Interest Period Period, shall be made on the number of days prior notice specified in Schedule 6 SCHEDULE 4 given, in each case, not later than 1:00 p.m. 11:00 a.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such election shall be made by giving a notice (a an “Rollover/Conversion Interest Rate Election Notice”) shall be given substantially in the form of Schedule SCHEDULE 2 and shall be irrevocable and binding upon the Borrowersapplicable Borrower. If a the applicable Borrower fails to deliver a Rollover/Conversion an Interest Rate Election Notice to the Administrative Agent for any LIBOR Advance other than an Advance bearing interest at the Term SOFR Reference Rate or Daily Simple SOFR as provided in this Section 3.03(33.03(2), (i) in the case of a SOFR Loan, such LIBOR Advance shall be converted (as of the last day of the applicable Interest Period) to and thereafter shall be outstanding as a U.S. Base Rate (Canada) Advance or Base Rate (United States) Advance, as applicable; or (ii) in the case of a CDOR Loan, such Advance shall be converted (as of the last day of the applicable Interest Period) to and be outstanding as a Canadian Prime Rate Advance. The No Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.01 or ends after the Maturity DatePeriod. (4) Upon the occurrence of, and during the continuance of, an Event of Default, the Borrowers shall not have the right to convert Advances into, or to continue (i) LIBOR Advances, and each LIBOR Advance shall convert to a U.S. Base Rate Advance at the end of the applicable Interest Period or (ii) BA Instruments, and each Accommodation outstanding by way of BA Instruments shall convert to a Canadian Prime Rate Advance on the maturity date for the BA Instrument.