Common use of Conversion Requirements Clause in Contracts

Conversion Requirements. Provided that no Default or Event of Default has occurred and is continuing, the Borrower may elect from time to time to convert a Prime Rate Loan, or any portion thereof, to a LIBOR Loan by giving the Lenders at least three Business Days' prior irrevocable notice of conversion (which notice must be received by the Lenders prior to 11:00 a.m. (Chicago time) (the "Notice of Conversion"). If the date on which a Prime Rate Loan is to be converted to a LIBOR Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day, and during the period from such date to such succeeding Business Day, such Prime Rate Loan shall bear interest as if it were a Prime Rate Loan. All or any part of outstanding borrowings may be converted as provided herein.

Conversion Requirements. Provided that no Default or Event of Default has occurred and is continuing, the Borrower may elect from time to time to convert a Prime Rate Loan, or any portion thereof, to a LIBOR Loan by giving the Lenders Lender at least three Business Days' prior irrevocable notice of conversion (which notice must be received by the Lenders Lender prior to 11:00 a.m. (Chicago time) (the "Notice of ConversionNOTICE OF CONVERSION"). If the date on which a Prime Rate Loan is to be converted to a LIBOR Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day, and during the period from such date to such succeeding Business Day, such Prime Rate Loan shall bear interest as if it were a Prime Rate Loan. All or any part of outstanding borrowings may be converted as provided herein.