Common use of Converting Floating Rate Advances to LIBOR Advances; Procedures Clause in Contracts

Converting Floating Rate Advances to LIBOR Advances; Procedures. So long as no Default Period is in effect, the Borrowers may convert all or any part of the principal amount of any outstanding Floating Rate Advance into a LIBOR Advance by requesting that the Lender convert the same no later than 11:00 a.m. (New York time) on the Banking Day on which the Borrowers wish the conversion to become effective; provided that the Borrowers may not convert any outstanding Floating Rate Advance into a LIBOR Advance (i) if after giving effect thereto the aggregate principal amount of outstanding LIBOR Advances would exceed seventy-five percent (75%) of the aggregate principal amount of all outstanding Advances or (ii) during Default Periods. Each request that conforms to the terms of this Agreement shall be effective upon receipt by the Lender and shall be confirmed in writing if the Lender so requests by any Officer or designated agent identified in Section 2.1(b) or a Person reasonably believed by the Lender to be such an Officer or designated agent, which request shall specify the Banking Day on which the conversion is to occur, the total amount of the Floating Rate Advance to be converted, and the applicable Interest Period. Each such conversion shall occur on a Banking Day, and the aggregate amount of Floating Rate Advances converted to LIBOR Advances shall be in multiples of One Hundred Thousand Dollars ($100,000), with a minimum conversion amount of at least Five Hundred Thousand Dollars ($500,000).