Common use of Continuation and Conversion Options Clause in Contracts

Continuation and Conversion Options. The Loans shall bear interest initially at the type of rate specified by the Borrowers in the Notice of Borrowing. Thereafter, the Borrowers shall have the option, on any Business Day, to elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of the definition of “Interest Period” and to Section 2.05 and Article III), as follows: (i) if such Loans are Base Rate Loans, the Borrowers may elect to convert such Loans to Eurodollar Loans as of any Business Day; and (ii) if such Loans are Eurodollar Loans, the Borrowers may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as Eurodollar Loans for an additional Interest Period, subject to Section 3.05 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice, substantially in the form of Exhibit A-2 hereto (a “Notice of Extension/Conversion”) to the Administrative Agent not later than 12:00 Noon on the third Business Day before the conversion or continuation selected in such notice is to be effective. A Notice of Extension/Conversion may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice of Borrowing applies, and the remaining portion to which it does not apply, are each $2,000,000 or any larger multiple of $500,000.

Continuation and Conversion Options. The Loans included in the Borrowing shall bear interest initially at the type of rate allowed by Section 2.05 and as specified by the Borrowers Borrower in the applicable Notice of Borrowing. Thereafter, the Borrowers Borrower shall have the option, on any Business Day, to elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of the definition of “Interest Period” Article III and to Section 2.05 and Article IIIsubsection 2.06(d)), as follows: (i) if such Loans are Base Rate Loans, the Borrowers Borrower may elect to convert such Loans to Eurodollar Loans as of any Business Day; and (ii) if such Loans are Eurodollar Loans, the Borrowers Borrower may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as Eurodollar Loans for an additional Interest Period, subject to Section 3.05 3.06 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice, substantially in the form of Exhibit A-2 hereto (a “Notice of Extension/Conversion”) (which may be by telephone if promptly confirmed in writing, which notice shall not thereafter be revocable by the Borrower, to the Administrative Agent not later than 12:00 Noon on the third Business Day before the conversion or continuation selected in such notice is to be effective. A Notice effective (unless the Borrower wishes to request an Interest Period for such Borrowing other than one, two, three or six months in duration as provided in the definition of Extension/Conversion may“Interest Period”, if it so specifies, apply to only a portion of in which case on the aggregate principal amount of the relevant Group of Loans; provided that (i) fourth Business Day before each such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice of Borrowing applies, and the remaining portion to which it does not apply, are each $2,000,000 or any larger multiple of $500,000Eurodollar Borrowing).

Continuation and Conversion Options. The Loans included in each Borrowing shall bear interest initially at the type of rate allowed by Section 2.06 and as specified by the Borrowers Borrower in the applicable Notice of Borrowing. Thereafter, the Borrowers Borrower shall have the option, on any Business Day, to elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of the definition of “Interest Period” Article III and to Section 2.05 and Article III2.07(d)), as follows: (i) if such Loans are Base Rate Loans, the Borrowers Borrower may elect to convert such Loans to Eurodollar Loans as of any Business Day; and (ii) if such Loans are Eurodollar Loans, the Borrowers Borrower may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as Eurodollar Loans for an additional Interest Period, subject to Section 3.05 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice, substantially in the form of Exhibit A-2 hereto (a “Notice of Extension/Conversion”) (which may be by telephone if promptly confirmed in writing), which notice shall not thereafter be revocable by the Borrower, to the Administrative Agent not later than 12:00 Noon P.M. on the third Business Day before the conversion or continuation selected in such notice is to be effective. A Notice of Extension/Conversion may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice of Borrowing applies, and the remaining portion to which it does not apply, are each $2,000,000 or any larger multiple of $500,000.be