Common use of Voluntary Interest Conversion of Advances Clause in Contracts

Voluntary Interest Conversion of Advances. The Borrower may on any Business Day, upon the Borrower's oral or written notice ("NOTICE OF INTEREST CONVERSION") given by the Borrower to the Agent not later than 11:00 A M. (Dallas time) on the second Business Day prior to the date of the proposed interest conversion in the case of LIBOR Rate or Agreed Rate Advances, (i) convert all Advances of one Type into Advances of another Type, (ii) convert all LIBOR Rate Advances for a specified Interest Period into LIBOR Rate Advances for a different Interest Period or (iii) convert all Agreed Rate Advances for a specified Interest Period into Agreed Rate Advances for a different Interest Period; PROVIDED, HOWEVER, with respect to any oral Notice of Interest Conversion, the Borrower shall promptly confirm such notice in writing; PROVIDED FURTHER that, any conversion of any LIBOR Rate Advances into LIBOR Rate Advances for a different Interest Period, or into Base Rate Advances, or of Agreed Rate Advances into Agreed Rate Advances for a different Interest Period, or into Base Rate Advances shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Advances or Agreed Rate Advances, as the case may be; PROVIDED FURTHER that no conversion into a LIBOR Rate Advance or an Agreed Rate Advance will be permitted if at the time of receipt by the Agent of the Notice of Interest Conversion, a Default or Event of Default shall have occurred and be continuing. Each such Notice of Interest Conversion shall specify therein the requested (i) date of such interest conversion, (ii) the Advances to be converted, and (iii) if such interest conversion is into Advances constituting LIBOR Rate Advances or Agreed Rate Advances, as the case may be, the duration of the Interest Period for each such Advance. The Agent shall promptly deliver a copy of each Notice of Interest Conversion to each Bank. Each Notice of Interest Conversion shall be irrevocable and binding on the Borrower. In no event shall more than five (5) Interest Periods be in effect at any time with respect to LIBOR Rate Advances.

Voluntary Interest Conversion of Advances. The Borrower may ----------------------------------------- on any Business DayDay prior to the Revolving Credit Termination Date, upon the Borrower's oral or written notice in the form set forth as Exhibit 2.09 attached hereto ("NOTICE OF INTEREST CONVERSIONNotice of Interest Conversion"), or oral notice (containing the information requested in a Notice of Interest Conversion) given by the Borrower to the Agent not later than 11:00 A M. 10:00 A.M. (Dallas Dallas, Texas time) on the second third (3rd) Business Day prior to the date of the proposed interest conversion in the case of a LIBOR Rate or Agreed Rate AdvancesAdvance, (i) convert all such LIBOR Rate Advances of one Type into Advances of another TypePrime Rate Advances, (ii) convert all LIBOR Rate Advances for a specified Interest Period into LIBOR Rate Advances for a different Interest Period or (iii) convert all Agreed Prime Rate Advances for a specified Interest Period into Agreed LIBOR Rate Advances for a different Interest PeriodAdvances; PROVIDED, HOWEVERprovided however, with respect to any oral Notice of Interest Conversion, the Borrower shall promptly confirm such notice in writing; PROVIDED FURTHER provided further that, any conversion of any LIBOR Rate Advances into LIBOR a Prime Rate Advances for Advance or a different Interest Period, or into Base Rate Advances, or of Agreed Rate Advances into Agreed Rate Advances for a different Interest Period, or into Base Rate Advances Period shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Advances (unless the provisions of Sections 2.07, 2.08(d) or Agreed Rate Advances, as the case may be; PROVIDED FURTHER that no conversion into a LIBOR Rate Advance or an Agreed Rate Advance will be permitted if at the time of receipt by the Agent of the Notice of Interest Conversion, a Default or Event of Default shall have occurred and be continuing3.04 apply). Each such Notice of Interest Conversion shall specify therein the requested (i) the requested date of such interest conversion, (ii) the Advances to be converted, converted and (iii) if such interest conversion is into Advances constituting LIBOR Rate Advances or Agreed Rate Advances, as the case may be, the duration of the Interest Period for each such Advance. The Agent shall promptly deliver a copy of each Notice of Interest Conversion to each Bank. Each Notice of Interest Conversion shall be irrevocable and binding on the Borrower. In no event shall more than five (5) Interest Periods be in effect at any time with respect to LIBOR Rate Advances.

Voluntary Interest Conversion of Advances. The ----------------------------------------- Borrower may on any Business DayDay prior to the Termination Date, upon the Borrower's oral or written notice in the form set forth as Exhibit 2.09 attached hereto ("NOTICE OF INTEREST CONVERSIONNotice of Interest Conversion"), or oral notice (containing the -------------------------------- information requested in a Notice of Interest Conversion) given by the Borrower to the Agent not later than 11:00 A M. 10:00 A.M. (Dallas Houston, Texas time) on the second third (3rd) Business Day prior to the date of the proposed interest conversion in the case of a LIBOR Rate or Agreed Rate AdvancesAdvance, (i) convert all such LIBOR Rate Advances of one Type into an Effective Federal Funds Rate Advances of another Type, or (ii) convert all LIBOR Rate Advances for a specified Interest Period into LIBOR Rate Advances for a different Interest Period or (iii) convert all Agreed Rate Advances for a specified Interest Period into Agreed Rate Advances for a different Interest Period; PROVIDED, HOWEVERprovided however, with respect to any oral Notice of Interest -------- Conversion, the Borrower shall promptly confirm such notice in writing; PROVIDED FURTHER provided further that, any conversion of any LIBOR Rate Advances into LIBOR an -- Effective Federal Funds Rate Advances for Advance or a different Interest Period, or into Base Rate Advances, or of Agreed Rate Advances into Agreed Rate Advances for a different Interest Period, or into Base Rate Advances Period shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Advances (unless the provisions of Sections 2.07, 2.08(d) or Agreed 3.04 apply), and; provided further that the Borrower may convert an Advance into an Effective Federal Funds Rate Advances, as Advance only if (i) the case may be; PROVIDED FURTHER Borrower has been notified in accordance with Section 2.08(b) or (d) that no conversion into a LIBOR Rate Advance is not available at such time to the Borrower or an Agreed Rate Advance will be permitted if at the time of receipt by the Agent of the Notice of Interest Conversion(ii) additional interest becomes due under Section 2.07, a Default or Event of Default shall have occurred and be continuingadditional amounts become due under Section 3.04. Each such Notice of Interest Conversion shall specify therein the requested (i) the requested date of such interest conversion, (ii) the Advances to be converted, converted and (iii) if such interest conversion is into Advances constituting LIBOR Rate Advances or Agreed Rate Advances, as the case may be, the duration of the Interest Period for each such Advance. The Agent shall promptly deliver a copy of each Notice of Interest Conversion to each Bank. Each Notice of Interest Conversion shall be irrevocable and binding on the Borrower. In no event shall more than five (5) Interest Periods be in effect at any time with respect to LIBOR Rate Advances.