Common use of Continuation and Conversion Clause in Contracts

Continuation and Conversion. Borrower shall have the right from time to time to Convert all or part of any Loan into a Loan of a different Type or to Continue LIBOR Rate Loans; provided that: (1) a LIBOR Rate Loan may only be Converted on the last day of the LIBOR Period therefor; (2) except for Conversions into Daily One Month LIBOR Rate Loans, no Conversion to or Continuation of a LIBOR Rate Loan shall be made while an Event of Default exists or if the interest rate for such LIBOR Rate Loan would exceed the Maximum Rate; (3) each LIBOR Rate Loan, as Converted, shall be subject to the minimum amounts for LIBOR Rate Loans set forth in Section 2.1(a)(1); and (4) notices by Borrower to Bank of Conversions and Continuations of Loans shall be irrevocable and shall be effective only if received by Bank not later than 11:00 a.m. (Omaha, Nebraska time) on (i) the Business Day of the Conversion into Daily One Month LIBOR Rate Loans and (ii) the Business Day three (3) Business Days before the Conversion to or Continuation of a LIBOR Rate Loan.

Continuation and Conversion. Borrower shall have the right from time to time to Convert all or part of any Loan into a Loan of a different Type or to Continue LIBOR Rate Loans; provided that: (1a) a LIBOR Rate Loan may only be Converted on the last day of the LIBOR Interest Period therefor; (2b) except for Conversions into Daily One Month LIBOR Rate Loans, no Conversion to or Continuation of a LIBOR Rate Loan shall be made while an Event of Default exists or if the interest rate for such LIBOR Rate Loan Loans would exceed the Maximum Rate; , and (3c) each LIBOR Rate Loan, as Converted, shall be subject to the minimum amounts for LIBOR Rate Loans set forth in Section 2.1(a)(12.01(B); and (4) notices . Notices by Borrower to Bank of Conversions and Continuations of Loans shall be irrevocable and shall be effective only if received by Bank not later than 11:00 10:00 a.m. (Omaha, Nebraska time) on (ia) the Business Day of the Conversion into Daily One Month LIBOR Rate Loans and (iib) the Business Day three (3) Business Days before the Conversion to or Continuation of a LIBOR Rate Loan.