Common use of Designation and Conversion Clause in Contracts

Designation and Conversion. The Company shall have the right to designate or convert its Interest Options in accordance with the provisions hereof. Provided no Default has occurred and is continuing and subject to the provisions of the last sentence of Subsection 2.10(a) hereinabove and of Section 2.11 hereof, the Company may elect to have the LIBOR Rate apply or continue to apply to all or any portion of the principal balance of the Notes. Each change in Interest Options shall be a conversion of the rate of interest applicable to the specified portion of the Loans, but such conversion alone shall not change the outstanding principal balance of the Notes and such conversion alone shall not be construed to make this Agreement a revolving credit facility. The Interest Options shall be designated or converted in the manner provided below:

Designation and Conversion. The Company shall have the right to designate or convert its Interest Options in accordance with the provisions hereof. Provided no Event of Default has occurred and is continuing and subject to the provisions of the last sentence of Subsection 2.10(a2.09(a) hereinabove and of Section 2.11 2.10 hereof, the Company may elect to have the LIBOR Rate apply or continue to apply to all or any portion of the outstanding principal balance of the NotesLoans. Each change in Interest Options shall be a conversion of the rate of interest applicable to the specified portion of the Loans, but such conversion alone shall not change the outstanding principal balance amount of the Notes Loans and such conversion alone shall not be construed to make this Agreement a revolving credit facility. The Interest Options shall be designated or converted in the manner provided below:

Designation and Conversion. The Company shall have the right to -------------------------- designate or convert its Interest Options in accordance with the provisions hereof. Provided no Default has occurred and is continuing and subject to the -------- provisions of the last sentence of Subsection 2.10(a) hereinabove and of ------------------ Section 2.11 hereof, the Company may elect to have the LIBOR Rate apply or ------------ continue to apply to all or any portion of the principal balance of the Notes. Each change in Interest Options shall be a conversion of the rate of interest applicable to the specified portion of the Loans, but such conversion alone shall not change the outstanding principal balance of the Notes and such conversion alone shall not be construed to make this Agreement a revolving credit facility. The Interest Options shall be designated or converted in the manner provided below: