Common use of OR CONVERSION Clause in Contracts

OR CONVERSION. The Company, through an Authorized Person, shall give written or telephonic notice to the Relevant Bank of each proposed borrowing from such Bank, or Conversion or Continuation of Loans made by such Bank, by 11:00 a.m., Cleveland time, (a) on the proposed date of such borrowing, Conversion, or Continuation if such borrowing, Conversion, or Continuation is comprised of Base Rate Loans, Domestic CD Loans, or Negotiated Loans, (b) at least two Business Days prior to the proposed date of such borrowing, Conversion, or Continuation if such borrowing, Conversion, or Continuation is comprised of Eurocurrency Loans (provided that at least one Business Day prior to such written or telephonic notice of proposed nondollar denominated Eurocurrency Loan borrowing, Continuation or Conversion, the Company, through an Authorized Person, shall give written or telephonic notice to the Relevant Bank of the Company's intention to request a Eurocurrency Loan), and (c) with respect to Local Currency Loans, at least two Business Days prior to the proposed date of such borrowing, Conversion, or Continuation or such other period of time as is customary for the particular Local Currency. Each such notice shall be effective upon receipt by the Relevant Bank and shall specify the date, amount, currency, and type of borrowing and, in the case of a borrowing comprising Fixed Rate Loans, the initial Interest Period for such borrowing. Each notice of a Conversion or Continuation of Loans shall specify the date and amount of such Conversion or Continuation, the Loans to be so Converted or Continued, the type and currency of Loans to be Converted into or Continued, and, in the case of a Conversion into or Continuation of Fixed Rate Loans, the initial or succeeding Interest Period, as the case may be. Each borrowing shall be on a Business Day and shall be in an aggregate amount of not less than 1,000,000 U.S. Dollars for Base Rate Loans and not less than 5,000,000 U.S. Dollars (or the Eurocurrency Equivalent Amount) for any other type of Loan, other than Local Currency Loans (which shall be as agreed between the Company and the Relevant Bank).