LIBOR Conversion and Continuation Sample Clauses

LIBOR Conversion and Continuation. If pursuant to the notice received by the Bank the initial Interest Period of any Eurodollar Loan commences on any day other than the first Business Day of any month, then the initial Interest Period of such Eurodollar Loan shall end on the first Business Day of the following calendar month, notwithstanding the Interest Period specified in such notice, and the LIBOR Rate for such Eurodollar Loan shall be equal to the LIBOR Rate for an Interest Period equal to the length of such partial month. Thereafter, each Eurodollar Loan shall automatically renew for the Interest Period specified in the initial request received by the Bank, at the then current LIBOR Rate, unless the Company, pursuant to a subsequent written notice received by the Bank, shall elect the conversion of all or a portion of such Eurodollar Loan to a Floating Rate Loan. Each Interest Period occurring after the initial Interest Period with respect to any LIBOR Loan shall commence on the same day of each applicable month as the first day of the initial Interest Period. Whenever the last day of any Interest Period with respect to any Eurodollar Loan would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day. Whenever an Interest Period with respect to any Eurodollar Loan would otherwise end on a day of a month for which there is no numerically corresponding day in the calendar month, such Interest Period shall end on the last day of such calendar month, unless such day is not a Business Day, in which event such Interest Period shall be extended to end on the next Business Day. Upon receipt by the Bank of such subsequent notice, the Company may, subject to the terms and conditions of this Agreement, elect, as of the last day of the applicable Interest Period, to convert any such Eurodollar Loan to a Floating Rate Loan. Such notice shall be given before 11:00 a.m., Chicago time, on the proposed date of such conversion, specifying: (i) the proposed date of conversion; (ii) the aggregate amount of loans to be converted; and (iii) the type of loans resulting from the proposed conversion. The Company may not elect a LIBOR Rate, and an Interest Period for a Eurodollar Loan shall not automatically renew, with respect to any principal amount which is scheduled to be repaid before the last day of the applicable Interest Period, and any such amounts shall bear interest at the Prime Rate until repaid.”