Common use of Continuation Options Clause in Contracts

Continuation Options. Subject to the provisions made in this Section 2.02(d), the Borrowers may elect to continue all or any part of any US Dollar LIBO Rate Borrowing beyond the expiration of the then current Interest Period relating thereto by giving advance notice as provided in Section 2.02(c) to the US Administrative Agent (which shall promptly notify the Lenders including the Canadian Administrative Agent) of such election, specifying the amount of such Borrowing to be continued and the Interest Period therefor. In the absence of such a timely and proper election, the Borrowers shall be deemed to have elected to convert such US Dollar LIBO Rate Borrowing to a US Dollar Base Rate Borrowing, pursuant to Section 2.02(e). All or any part of any US Dollar LIBO Rate Borrowing may be continued as provided herein, provided that (i) any continuation of any such Borrowing shall be (as to each Borrowing as continued for an applicable Interest Period) in amounts of at least $1,000,000 or any whole multiple of $500,000 in excess thereof and (ii) no Default shall have occurred and be continuing. If a Default shall have occurred and be continuing, each US Dollar LIBO Rate Borrowing shall be converted to a US Dollar Base Rate Borrowing on the last day of the Interest Period applicable thereto.

Continuation Options. Subject to the provisions made in this Section 2.02(d), the Borrowers Requesting Borrower may elect to continue all or any part of any US Dollar LIBO Rate Borrowing LIBOR Loan beyond the expiration of the then current Interest Period relating thereto by giving advance notice as provided in Section 2.02(c) to the US Administrative Agent (which shall promptly notify the Lenders including the Canadian Administrative Agent) of such election, specifying the amount of such Borrowing Loan to be continued and the Interest Period therefor. In the absence of such a timely and proper election, the Borrowers Requesting Borrower shall be deemed to have elected to convert such US Dollar LIBO Rate Borrowing LIBOR Loan to either a US Dollar Base Rate BorrowingLoan or a Canadian Prime Rate Loan, as applicable, pursuant to Section 2.02(e2.02 (e). All or any part of any US Dollar LIBO Rate Borrowing LIBOR Loan may be continued as provided herein, provided that (i) any continuation of any such Borrowing Loan shall be (as to each Borrowing Loan as continued for an applicable Interest Period) in amounts of at least $1,000,000 or any whole multiple of $500,000 in excess thereof and (ii) no Default shall have occurred and be continuing. If a Default shall have occurred and be continuing, each US Dollar LIBO Rate Borrowing LIBOR Loan shall be converted to either a US Dollar Base Rate Borrowing Loan or a Canadian Prime Rate Loan, as applicable, on the last day of the Interest Period applicable thereto.