Common use of Conversions and Renewals Clause in Contracts

Conversions and Renewals. Borrowers may elect from time to time to ------------------------ convert all or a part of an Advance or to renew all or part of an Advance by giving Bank at least two (2) Business Days before conversion into a Base Rate Advance, and at least two (2) Business Days before the conversion into or renewal of a LIBOR Advance, specifying: (a) the renewal or conversion date; (b) the amount of the Advance to be converted or renewed; (c) in the case of conversions, the type of Advance to be converted into (Base or LIBOR); and (d) in the case of renewals of or a conversion into a LIBOR Advance, the duration of the LIBOR Period applicable thereto; provided that (i) the minimum amount of LIBOR Advances renewed or converted shall be Five Hundred Thousand and 00/100 Dollars ($500,000.00); (ii) the minimum principal amount of LIBOR Advances outstanding after a renewal or conversion shall be Five Hundred Thousand and 00/100 Dollars ($500,000.00); and (iii) LIBOR Advances can be converted only on the last day of the LIBOR Period for such LIBOR Advance. If Borrowers shall fail to give Bank the notice as specified above for the renewal or conversion of a LIBOR Advance prior to the end of the LIBOR Period with respect thereto, such LIBOR Advance shall automatically be converted into a Base Rate Advance on the last day of the LIBOR Period for such LIBOR Advance.

Conversions and Renewals. Borrowers Borrower may elect from time to time to ------------------------ convert all or a part of an Advance Advance, or to renew all or part of an Advance Advance, by giving Bank at least two (2) Business Days prior written notice before conversion into a Base Rate Advance, and at least two three (23) LIBOR Business Days prior written notice before the conversion into or renewal of a LIBOR Advance, specifying: (a) the renewal or conversion date; (b) the amount of the Advance to be converted or renewed; (c) in the case of conversions, the type of Advance to be converted into (Base Rate or LIBOR); and (d) in the case of renewals of or a conversion into a LIBOR Advance, the duration of the LIBOR Period applicable thereto; provided that (i) the minimum amount of LIBOR Advances renewed or converted shall be Five Hundred Thousand and 00/100 Dollars ($500,000.00), and any greater amount shall be in increments of Five Hundred Thousand and 00/100 Dollars ($500,000.00); (ii) the minimum principal amount of LIBOR Advances outstanding after a renewal or conversion shall be Five Hundred Thousand and 00/100 Dollars ($500,000.00) and any greater amount shall be in increments of Five Hundred Thousand and 00/100 Dollars ($500,000.00); (iv) no Base Rate Advance may be converted into a LIBOR Advance when any Event of Default has occurred and is continuing; and (iiiv) LIBOR Advances can be converted only on the last day of the LIBOR Period for such LIBOR Advance. If Borrowers Borrower shall fail to give Bank the written notice as specified above for the renewal or conversion of a LIBOR Advance prior to the end of the LIBOR Period with respect thereto, such LIBOR Advance shall automatically be converted into a Base Rate Advance on the last day of the LIBOR Period for such LIBOR Advance.

Conversions and Renewals. Borrowers Borrower may elect from time to time to ------------------------ convert all or a part of an Advance or to renew all or part of an Advance by giving Bank at least two (2) Business Days before conversion into a Base Rate Advance, and at least two (2) Business Days before the conversion into or renewal of a LIBOR Advance, specifying: (a) the renewal or conversion date; (b) the amount of the Advance to be converted or renewed; (c) in the case of conversions, the type of Advance to be converted into (Base or LIBOR); and (d) in the case of renewals of or a conversion into a LIBOR Advance, the duration of the LIBOR Period applicable thereto; provided that (i) the minimum amount of LIBOR Advances renewed or converted shall be Five Hundred Thousand and 00/100 00/l00 Dollars ($500,000.00); (ii) the minimum principal amount of LIBOR Advances outstanding after a renewal or conversion shall be Five Hundred Thousand and 00/100 00/l00 Dollars ($500,000.00); and (iiiiv) LIBOR Advances can be converted only on the last day of the LIBOR Period for such LIBOR Advance. If Borrowers Borrower shall fail to give Bank the notice as specified above for the renewal or conversion of a LIBOR Advance prior to the end of the LIBOR Period with respect thereto, such LIBOR Advance shall automatically be converted into a Base Rate Advance on the last day of the LIBOR Period for such LIBOR Advance.