Common use of Renewals and Conversions Clause in Contracts

Renewals and Conversions. The Borrower shall have the right to convert Base Rate Loans into LIBO Rate Loans, and vice versa, and to renew LIBO Rate Loans from time to time, provided that: (i) the Borrower shall give the Administrative Agent notice of each permitted conversion or renewal; (ii) LIBO Rate Loans may be converted or renewed only as of the last day of the applicable Interest Period for such Loans; (iii) without the consent of the Majority Banks, no Base Rate Loan may be converted into a LIBO Rate Loan, and no Interest Period may be renewed if on the proposed date of conversion an Event of Default or Potential Default exists or would thereby occur. The Administrative Agent shall use its best efforts to notify the Borrower and the Banks of the effectiveness of such conversion or renewal, and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion; provided, however, that any failure to give such notice shall not affect the Borrower’s obligations or the Banks’ rights and remedies hereunder in any way whatsoever.

Renewals and Conversions. The Borrower Borrowers shall have the right to convert Base Rate Loans into LIBO Rate Loans, and vice versa, and to renew LIBO Rate Loans from time to time, provided that: (i) the Borrower Borrowers shall give the Administrative Agent notice of each permitted conversion or renewal; (ii) LIBO Rate Loans may be converted or renewed only as of the last day of the applicable Interest Period for such Loans; (iii) without the consent of the Majority Banks, no Base Rate Loan may be converted into a LIBO Rate Loan, and no Interest Period may be renewed if on the proposed date of conversion an Event of Default Default, or Potential Default exists or would thereby occur. The Administrative Agent shall use its best efforts to notify the Borrower Borrowers and the Banks of the effectiveness of such conversion or renewal, and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion; provided, however, that any failure to give such notice shall not affect the Borrower’s Borrowers' obligations or the Banks’ ' rights and remedies hereunder in any way whatsoever.

Renewals and Conversions. The Borrower Xxxxxx shall have the right to convert Base Rate Loans into LIBO Rate Loans, and vice versa, and to renew LIBO Rate Loans from time to time, provided that: (i) the Borrower Xxxxxx shall give the Administrative Agent First Union, as Agent, notice of each permitted conversion or renewal; (ii) LIBO Rate Loans may be converted or renewed only as of the last day of the applicable Interest Period for such Loans; (iii) without the consent of the Majority Required Banks, no Base Rate Loan may be converted into a LIBO Rate Loan, and no Interest Period may be renewed if on the proposed date of conversion an Event of Default Default, or Potential Default exists or would thereby occur. The Administrative Agent First Union, as Agent, shall use its best efforts to notify the Borrower and the Banks Xxxxxx of the effectiveness of such conversion or renewal, and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion; provided, however, that any failure to give such notice shall not affect the Borrower’s Xxxxxx' obligations or the Banks’ ' rights and remedies hereunder in any way whatsoever.

Renewals and Conversions. The Borrower Borrowers shall have the right to convert Base Rate Loans into LIBO Rate Loans, and vice versa, and to renew LIBO Rate Loans from time to time, provided that: (i) the Borrower Borrowers shall give the Administrative Agent notice of each permitted conversion or renewal; (ii) LIBO Rate Loans may be converted or renewed only as of the last day of the applicable Interest Period for such Loans; (iii) without the consent of the Majority Banks, no Base Rate Loan may be converted into a LIBO Rate Loan, and no Interest Period may be renewed if on the proposed date of conversion an Event of Default or Potential Default exists or would thereby occur. The Administrative Agent shall use its best efforts to notify the Borrower Borrowers and the Banks of the effectiveness of such conversion or renewal, and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion; provided, however, that any failure to give such notice shall not affect the Borrower’s Borrowers' obligations or the Banks’ ' rights and remedies hereunder in any way whatsoever.