Common use of Conversions and Renewals Clause in Contracts

Conversions and Renewals. Borrower may elect from time to time to convert all or a part of one type of Loan into another type of Loan or to renew all or part of a Loan by giving the Bank notice at least one (1) Business Day before conversion into a Prime Loan and at least three (3) Business Days before the conversion into or renewal of a LIBOR Loan, specifying: (a) the renewal or conversion date; (b) the amount of the Loan to be converted or renewed; (c) in the case of conversions, the type of Loan to be converted into; and (d) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto; provided that LIBOR Loans can be converted only on the last day of the Interest Period for such Loan. All notices given under this Section 2.5 shall be irrevocable and shall be given not later than 11:00A.M. (eastern standard time) on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Bank the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted into a Prime Loan on the last day of the Interest-Period for such Loan. The Borrower may not have more than five (5) LIBOR elections in effect at any one time with respect to Revolving Credit Loans.

Conversions and Renewals. Borrower may elect from time to time to convert all or a part of one type of Loan into another type of Loan or to renew all or part of a Loan by giving the Bank notice at least one (1) Business Day before conversion into a Prime Loan and at least three (3) Business Days before the conversion into or renewal of a LIBOR Loan, specifying: (a) the renewal or conversion date; (b) the amount of the Loan to be converted or renewed; (c) in the case of conversions, the type of Loan to be converted into; and (d) in the case of renewals of or a conversion into LIBOR Loans, the duration of the Interest Period applicable thereto; provided that LIBOR Loans can be converted only on the last day of the Interest Period for such Loan. All notices given under this Section 2.5 shall be irrevocable and shall be given not later than 11:00A.M. 11:00 A.M. (eastern standard time) on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Bank the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted into a Prime Loan on the last day of the Interest-Period for such Loan. The Borrower may not have more than five (5) LIBOR elections in effect at any one time with respect to Revolving Credit Loans.

Conversions and Renewals. The Borrower may elect from time to time to convert all or a part of one type of a Prime or LIBOR Loan into another type of Revolving Credit Loan or to renew all or part of a LIBOR Loan by giving the Bank notice at least one (1) Business Day before the conversion into a Prime Loan Loan, and at least three two (32) Business Days before the conversion into into, or renewal of of, a LIBOR Loan, specifying: specifying (ai) the renewal or conversion date; (bii) the amount of the Revolving Credit Loan to be converted or renewed; (c) in the case of conversions, the type of Loan to be converted into; and (diii) in the case of renewals of or a conversion into to a LIBOR LoansLoan, the duration of the Interest Period applicable thereto; provided that LIBOR Loans can may be converted only on the last day of the an Interest Period for such LoanPeriod. All notices given under this Section 2.5 2.4 shall be irrevocable and shall be given not later than 11:00A.M. 11:00 A.M. (eastern standard timeEastern Standard Time) on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Bank the notice as specified above for the renewal or conversion of a LIBOR Loan prior to the end of the Interest Period with respect thereto, such LIBOR Loan shall automatically be converted into a Prime Loan on the last day of the Interest-Interest Period for such Loan. The Borrower may not have more than five (5) LIBOR elections in effect at any one time with respect to Revolving Credit Loans.