Common use of Optional Conversion of Advances Clause in Contracts

Optional Conversion of Advances. The Advances included in each Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing, or in the case of Letter of Credit Advances deemed to be converted to Revolving Credit Advances pursuant to Section 2.16(f)(i), initially at the Base Rate. Thereafter, the Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11, Convert all or a portion of Advances of one Type comprising the same Group of Advances into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances pursuant to this Section 2.08 shall not be permitted if any Lender is a LIBOR-Only Lender at such time and, if permitted, shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01(b) and no Conversion of any Advances shall result in more separate Eurodollar Rate Tranches than permitted under Section 2.02(c); and provided further that with respect to the Conversion of a portion of Advances comprising part of the same Group, such portion is allocated ratably among the Advances comprising such Group and each resulting Eurodollar Rate Tranche is in an aggregate amount of $3,000,000 or an integral multiple of $100,000 in excess thereof. Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for the Eurodollar Rate Tranche to be comprised of such Advances and (iv) the Group of Advances (or portion thereof) to which such notice applies. Each notice of Conversion shall be irrevocable and binding on the Borrower.

Optional Conversion of Advances. The Advances included in each Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing, or in the case of Letter of Credit Advances deemed to be converted to Revolving Credit Advances pursuant to Section 2.16(f)(i), initially at the Base Rate. Thereafter, the Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11, Convert all or a portion of Advances of one Type comprising the same Group of Advances into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances pursuant to this Section 2.08 shall not be permitted if any Lender is a LIBOR-Only Lender at such time and, if permitted, shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01(b) 2.01 and no Conversion of any Advances shall result in more separate Eurodollar Rate Tranches than permitted under Section 2.02(c2.02(b); and provided further that with respect to the Conversion of a portion of Advances comprising part of the same Group, such portion is allocated ratably among the Advances comprising such Group and each resulting Eurodollar Rate Tranche is in an aggregate amount of $3,000,000 or an integral multiple of $100,000 in excess thereof. Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for the Eurodollar Rate Tranche to be comprised of such Advances and (iv) the Group of Advances (or portion thereof) to which such notice applies. Each notice of Conversion shall be irrevocable and binding on the Borrower.

Optional Conversion of Advances. The Advances included in each Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing, or in the case of Letter of Credit Advances deemed to be converted to Revolving Credit Advances pursuant to Section 2.16(f)(i), initially at the Base Rate. Thereafter, the Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 1:00 P.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11, Convert all or a portion of Advances of one Type comprising the same Group of Advances into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances pursuant to this Section 2.08 shall not be permitted if any Lender is a LIBOR-Only Lender at such time and, if permitted, shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01(b2.01(a) and no Conversion of any Advances shall result in more separate Eurodollar Rate Tranches than permitted under Section 2.02(c2.02(b); and provided further that with respect to the Conversion of a portion of Advances comprising part of the same Group, such portion is allocated ratably among the Advances comprising such Group and each resulting Eurodollar Rate Tranche is in an aggregate amount of $3,000,000 or an integral multiple of $100,000 in excess thereof. Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for the Eurodollar Rate Tranche to be comprised of such Advances and (iv) the Group of Advances (or portion thereof) to which such notice applies. Each notice of Conversion shall be irrevocable and binding on the Borrower.

Optional Conversion of Advances. The Advances included in each Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing, or in the case of Letter of Credit Advances deemed to be converted to Revolving Credit Advances pursuant to Section 2.16(f)(i), initially at the Base Rate. Thereafter, the Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 1:00 P.M. 11:00 A.M. (New York City time) on the third U.S. Government Securities Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.112.11(a), Convert all or a portion of Advances of one Type comprising the same Group of Advances Borrowing into Advances of the other TypeType (it being understood that such Conversion of an Advance or of its Interest Period does not constitute a repayment or prepayment of such Advance); provided, however, that any Conversion of Eurodollar Rate Adjusted Term SOFR Advances into Base Rate Advances pursuant to this Section 2.08 shall not be permitted if any Lender is a LIBOR-Only Lender at such time and, if permitted, shall be made only on the last day of an Interest Period for such Eurodollar Rate Adjusted Term SOFR Advances, any Conversion of Base Rate Advances into Eurodollar Rate Adjusted Term SOFR Advances shall be in an amount not less than the minimum amount specified in Section 2.01(b2.02(b) and no Conversion of any Advances shall result in more separate Eurodollar Rate Tranches Borrowings than permitted under Section 2.02(c2.02(b); and provided further that with respect to the Conversion of a portion of Advances comprising part of the same Group, such portion is allocated ratably among the Advances comprising such Group and each resulting Eurodollar Rate Tranche is in an aggregate amount of $3,000,000 or an integral multiple of $100,000 in excess thereof. Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Adjusted Term SOFR Advances, the duration of the initial Interest Period for the Eurodollar Rate Tranche to be comprised of each such Advances and (iv) the Group of Advances (or portion thereof) to which such notice appliesAdjusted Term SOFR Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.