Common use of Conversion to Different Type of Loan Clause in Contracts

Conversion to Different Type of Loan. The Borrowers may elect from time to time to convert any outstanding Loan to a Loan of another Type, provided that (a) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrowers shall notify the Administrative Agent of such election no later than 11:00 a.m. on the date such conversion is to take effect; (b) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrowers shall give the Administrative Agent at least three (3) LIBOR Business Days prior written notice of such election; and (c) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. All or any part of outstanding Loans of any Type may be converted into a Loan of another Type as provided herein, provided that any partial conversion shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof. Each Conversion Request relating to the conversion of a Loan to a LIBOR Rate Loan shall be irrevocable by the Borrowers.

Conversion to Different Type of Loan. The Borrowers Borrower may elect from time to time to convert any outstanding the Loan to a Loan of another Type, provided that (ai) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loaninto another Type, the Borrowers such conversion shall notify the Administrative Agent of such election no later than 11:00 a.m. only be made on the date such conversion is to take effectlast day of the Interest Period with respect thereto; (bii) with respect to any such conversion of a Base Prime Rate Loan to a LIBOR Rate Loan or the continuation of a LIBOR Rate Loan as a LIBOR Rate Loan, the Borrowers Borrower shall give the Administrative Agent Bank at least three (3) LIBOR Business Days prior written notice of such election; and (ciii) no the Loan may not be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. All or any part of outstanding Loans the Loan of any Type may be converted into a Loan of another Type as provided herein, provided that any partial conversion conversions shall be in an aggregate principal amount of $1,000,000 or an integral a whole multiple of $500,000 in excess thereof. Each Conversion Request relating to the conversion of a the Loan to a LIBOR Rate Loan shall be irrevocable by the BorrowersBorrower.

Conversion to Different Type of Loan. The Borrowers Borrower may elect from time to time to convert any outstanding Loan to a Loan of another Type, provided that (a) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrowers Borrower shall notify give the Administrative Agent Bank written notice of such election no later than 11:00 a.m. 2:00 p.m. (Hartford time) on the date day of such conversion is to take effectelection; (b) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrowers Borrower shall give the Administrative Agent Bank at least three (3) LIBOR Business Days prior written notice of such election; (c) with respect to any such conversion of a LIBOR Rate Loan into a Loan of another Type, such conversion shall only be made on the last day of the Interest Period with respect thereto and (cd) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. All or any part of outstanding Loans of any Type may be converted into a Loan of another Type as provided herein, provided that (a) any partial conversion shall be in an aggregate principal amount of $1,000,000 100,000 or an integral a whole multiple of $500,000 25,000 in excess thereofthereof and (b) with respect to LIBOR Rate Loans, there shall be no more than six (6) separate Interest Periods in effect at any one time. Each Conversion Request relating to the conversion of a Loan to a LIBOR Rate Loan shall be irrevocable by the BorrowersBorrower.

Conversion to Different Type of Loan. The Borrowers Borrower may elect from time to time to convert any outstanding Loan the Loans to a Loan of another Type, provided that (ai) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loaninto another Type, the Borrowers such conversion shall notify the Administrative Agent of such election no later than 11:00 a.m. only be made on the date such conversion is to take effectlast day of the Interest Period with respect thereto; (bii) with respect to any such conversion of a Base Prime Rate Loan to a LIBOR Rate Loan or the continuation of a LIBOR Rate Loan as a LIBOR Rate Loan, the Borrowers Borrower shall give the Administrative Agent Bank at least three (3) LIBOR Business Days prior written notice of such election; and (ciii) no Loan the Loans may not be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. All or any part of outstanding the Loans of any Type may be converted into a Loan of another Type as provided herein, provided that any partial conversion conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof, except that if less than $2,000,000 in principal on the Loans is outstanding, then LIBOR Rate Loans may be in the amount of $500,000 or an integral multiple of $500,000 in excess thereof. Each Conversion Request relating to the conversion of a Loan the Loans to a LIBOR Rate Loan shall be irrevocable by the BorrowersBorrower.