Common use of Conversion and Continuation Procedures Clause in Contracts

Conversion and Continuation Procedures. (a) Subject to Section 2.2.1, the Company may, upon irrevocable written notice to the Agent in accordance with clause (b) below: (i) elect, as of any Business Day, to convert any Loans (or any part thereof in an aggregate amount not less than $500,000 or a higher integral multiple of $100,000) into Loans of the other type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Eurodollar Loans having Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of $500,000) for a new Interest Period; provided that after giving effect to any prepayment, conversion or continuation, the aggregate principal amount of each Group of Eurodollar Loans shall be at least $1,000,000 or a higher integral multiple of $500,000. (b) The Company shall give written or telephonic (followed immediately by written confirmation thereof) notice to the Agent of each proposed conversion or continuation not later than (i) in the case of conversion into Base Rate Loans, noon, Detroit time, on the proposed date of such conversion amid (ii) in the case of conversion into or continuation of Eurodollar Loans, noon, Detroit time, at least three

Conversion and Continuation Procedures. (a) Subject to Section 2.2.1, the Company may, upon irrevocable written notice to the Agent Bank in accordance with clause (b) below: (i) elect, as of any Business Day, to convert any Loans Eurodollar Loan or Base Rate Loan (or any part thereof in an aggregate amount not less than $500,000 1,000,000 or a higher integral multiple of $100,000500,000) into Loans loans of the other type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Eurodollar Loans having Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of $500,000) for a new Interest Period; provided that after giving effect to any prepayment, conversion or continuation, the aggregate principal amount of each Group of Eurodollar Loans shall be at least $1,000,000 or a higher and an integral multiple of $500,000. (b) The Company shall give written or telephonic (followed immediately by written confirmation thereof) notice to the Agent Bank of each proposed conversion or continuation not later than (i) in the case of conversion into Base Rate Loans, noon11:00 A.M., Detroit Chicago time, on the proposed date of such conversion amid and (ii) in the case of conversion into or continuation of Eurodollar Loans, noon11:00 A.M., Detroit Chicago time, at least threeleast