Common use of Certain Mandatory Conversions Clause in Contracts

Certain Mandatory Conversions. (i) On the date on which the aggregate unpaid principal amount of SOFR Advances comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $1,000,000 such Advances shall automatically Convert into Alternate Base Rate Advances. (ii) If Borrower shall fail to select the duration of any Interest Period for any outstanding SOFR Advances in accordance with the provisions contained in Section 2.1(b) and in clause (a) or (c) of this Section 2.4, each such SOFR Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into an Alternate Base Rate Advance. (iii) Upon the occurrence and during the continuance of any Event of Default and upon notice from the Administrative Agent to Borrower at the request of the Requisite Lenders, (x) each SOFR Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into an Alternate Base Rate Advance and (y) the obligation of the Lenders to make, or to Convert Advances into, or to Continue, SOFR Advances shall be suspended.

Certain Mandatory Conversions. (i) On the date on which the aggregate unpaid principal amount of SOFR Advances comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $1,000,000 such Advances shall automatically Convert into Alternate Base Rate Advances. (ii) If Borrower shall fail to select the duration of any Interest Period for any outstanding SOFR Advances in accordance with the provisions contained in Section 2.1(b) and in clause (a) or (c) of this Section 2.4, each such SOFR Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into an Alternate Base Rate Advance. (iii) Upon the occurrence and during the continuance of any Event of Default and upon notice from the Administrative Agent to Borrower ▇▇▇▇▇▇▇▇ at the request of the Requisite Lenders, (x) each SOFR Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into an Alternate Base Rate Advance and (y) the obligation of the Lenders to make, or to Convert Advances into, or to Continue, SOFR Advances shall be suspended.