Common use of Continuation or Conversion of Loans Clause in Contracts

Continuation or Conversion of Loans. The Borrower may elect to (a) continue any outstanding LIBOR Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (b) convert any outstanding Advance into another type of Advance (on the last day of an Interest Period only, in the instance of a LIBOR Advance), by giving the Agent irrevocable notice in writing, or by telephone promptly confirmed in writing, given so as to be received by the Agent not later than: (a) 1:00 p.m. on the Business Day prior to the date of the requested continuation or conversion, if the continuing or converted Advance is to be a Base Rate Advance; or (b) 12:00 noon at least three Business Days prior to the date of the requested continuation or conversion, if the continuing or converted Advance is to be a LIBOR Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount set forth in Section 2.2), and (iii) for continuation as, or conversion into, a LIBOR Advance, the Interest Period for such Advance. Absent timely notice of continuation of a LIBOR Advance, such LIBOR Advance shall (unless repaid in full) convert into a Base Rate Advance on the last day of the Interest Period therefor. No Advance shall be continued as, or converted into, a LIBOR Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default exists.

Continuation or Conversion of Loans. The Borrower may elect to (ai) continue any outstanding LIBOR CD Rate Advance or Eurodollar Advance from one Interest Period into a subsequent Interest Period to begin on the last day of the earlier Interest Period, or (bii) convert any outstanding Advance into another type of Advance (on the last day of an Interest Period only, in the instance of a LIBOR CD Rate Advance or Eurodollar Advance), by giving the Agent irrevocable notice in writing, writing or by telephone promptly confirmed in writingor by telecopy, given so as to be received by the Agent not later than: (a) 1:00 p.m. 12:01 p.m., Minneapolis time, on the date of the requested continuation or conversion, if the continuing or converted Advance shall be a CD Rate Advance or Reference Rate Advance; or (b) 12:01 p.m., Minneapolis time, two Business Day days prior to the date of the requested continuation or conversion, if the continuing or converted Advance is to shall be a Base Rate Advance; or (b) 12:00 noon at least three Business Days prior to the date of the requested continuation or conversion, if the continuing or converted Advance is to be a LIBOR Eurodollar Advance. Each notice of continuation or conversion of an Advance shall specify (i) the effective date of the continuation or conversion date (which shall be a Business Day), (ii) the amount and the type or types of Advances following such continuation or conversion (subject to the limitation on amount set forth in Section SECTION 2.2), and (iii) for continuation as, or conversion into, a LIBOR AdvanceCD Rate Advances or Eurodollar Advances, the Interest Period Periods for such AdvanceAdvances. Absent timely notice of continuation of a LIBOR Advanceor conversion, such LIBOR each CD Rate Advance and Eurodollar Advance shall (unless repaid in full) automatically convert into a Base Reference Rate Advance on the last day of the an applicable Interest Period thereforPeriod, unless paid in full on such last day. No Advance shall be continued as, or converted into, a LIBOR CD Rate Advance or Eurodollar Advance if the shortest Interest Period for such Advance may not transpire prior to the Termination Date or if a Default or Event of Default existsshall exist.