Common use of Optional Conversions Clause in Contracts

Optional Conversions. The Borrower may, at its option, (i) on the last day of any Settlement Period, convert a Direct Lender Eurodollar Rate Advance into a Direct Lender Alternate Base Rate Advance, (ii) on the last day of any Settlement Period, continue a Direct Lender Eurodollar Rate Advance as a Direct Lender Eurodollar Rate Advance, and (iii) on any Business Day, convert a Direct Lender Alternate Base Rate Advance into a Direct Lender Eurodollar Rate Advance; provided, that, except as otherwise provided in this Agreement to the contrary, the Borrower shall deliver to the Program Agent and the Direct Lenders written notice (each such notice a "Notice of Conversion or Continuation") in the form of Exhibit E hereto (which notice shall be irrevocable and effective only upon receipt by the Program Agent and the Direct Lenders) by 12:00 noon, New York time, not less than two (2) Business Days prior to the date of each such conversion or continuation. Each Notice of Conversion or Continuation shall specify (x) the amount of each Advance to be continued or converted, (y) the date of such continuation or conversion, and (z) if such Advance is to be converted into a Direct Lender Eurodollar Rate Advance, the Settlement Period. If the Borrower fails to give a Notice of Conversion or Continuation for any Advance maintained by a Direct Lender in accordance with the terms hereof, the Borrower shall be deemed to have elected on the last day of the Settlement Period applicable to such Advance to convert such Advance to, or continue such Advance as, a Direct Lender Eurodollar Rate Advance with a Settlement Period of one day.

Optional Conversions. The Borrower may, at its option, (i) on the last day of any Settlement Period, convert a Direct Lender Eurodollar Rate Advance into a Direct Lender Alternate Base Rate Advance, (ii) on the last day of any Settlement Period, continue a Direct Lender Eurodollar Rate Advance as a Direct Lender Eurodollar Rate Advance, and (iii) on any Business Day, convert a Direct Lender Alternate Base Rate Advance into a Direct Lender Eurodollar Rate Advance; provided, that, except as otherwise provided in this Agreement to the contrary, the Borrower shall deliver to the Program Agent and the Direct Lenders written notice (each such notice a "“Notice of Conversion or Continuation"”) in the form of Exhibit E hereto (which notice shall be irrevocable and effective only upon receipt by the Program Agent and the Direct Lenders) by 12:00 noon, New York time, not less than two (2) Business Days prior to the date of each such conversion or continuation. Each Notice of Conversion or Continuation shall specify (x) the amount of each Advance to be continued or converted, (y) the date of such continuation or conversion, and (z) if such Advance is to be converted into a Direct Lender Eurodollar Rate Advance, the Settlement Period. If the Borrower fails to give a Notice of Conversion or Continuation for any Advance maintained by a Direct Lender in accordance with the terms hereof, the Borrower shall be deemed to have elected on the last day of the Settlement Period applicable to such Advance to convert such Advance to, or continue such Advance as, a Direct Lender Eurodollar Rate Advance with a Settlement Period of one day.