Common use of Automatic Conversion; Optional Conversion by Agent Clause in Contracts

Automatic Conversion; Optional Conversion by Agent. Any LIBOR Rate Loan shall automatically convert to a Reference Rate Loan upon the last day of the applicable Interest Period, unless Agent has received a request to continue such LIBOR Rate Loan at least two Business Days prior to the end of such Interest Period in accordance with the terms of Section 2.13(a). Any LIBOR Rate Loan shall, at Agent's option, upon notice to Borrower, immediately convert to a Reference Rate Loan in the event that (i) an Event of Default shall have occurred and be continuing or (ii) this Agreement shall terminate, and Borrowers shall pay to Agent, for the benefit of the Lenders, any amounts required by Section 2.16 as a result thereof.

Automatic Conversion; Optional Conversion by Agent. Any LIBOR Rate Loan shall automatically convert to a Reference Rate Loan upon the last day of the applicable Interest Period, unless Agent has received a request to continue such LIBOR Rate Loan at least two three Business Days prior to the end of such Interest Period in accordance with the terms of Section 2.13(a). Any LIBOR Rate Loan shall, at Agent's ’s option, upon notice to BorrowerBorrowers, immediately convert to a Reference Rate Loan in the event that (i) an Event of Default shall have occurred and be continuing or (ii) this Agreement shall terminate, and Borrowers shall pay to Agent, for the benefit of the Lenders, any amounts required by Section 2.16 as a result thereof.