Common use of Conversion of Base Rate Advances Clause in Contracts

Conversion of Base Rate Advances. Provided that no Default has occurred which is then continuing, Borrower may, on any Business Day, convert any Base Rate Advance or Base Rate Overadvance into a LIBOR Advance or LIBOR Overadvance, respectively. If Borrower desires to convert a Base Rate Advance or Base Rate Overadvance, Borrower shall give Lender not less than two (2) Business Days’ prior written notice (prior to 11:00 A.M. Hartford, Connecticut Time on such Business Day), specifying the date of such conversion and the amount to be converted. Each conversion into or conversion of a LIBOR Advance or LIBOR Overadvance shall be in a minimum principal amount of $1,000,000 and may increase in integral multiples of $250,000 in excess thereof. After giving effect to any conversion of Base Rate Advances to LIBOR Advances or Base Rate Overadvances to LIBOR Overadvances, Borrower shall not be permitted to have outstanding at any one time LIBOR Advances and LIBOR Overadvances with more than three (3) different Interest Periods.