Common use of Renewals and Conversions of Loans Clause in Contracts

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers shall have given the Administrative Agent notice of a permitted conversion or renewal for an Interest Period of different duration as provided in ss. 2.4 hereof, or an Event of Default or Potential Default exists or would thereby occur. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers shall have the right to convert Base Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they shall give the Administrative Agent notice of each permitted conversion or renewal as provided in ss. 2.4 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent shall use reasonable commercial efforts to notify the Borrowers of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the Borrowers' obligations or the Banks' rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided herein, such Loan shall be automatically converted into a Base Rate Loan on the last day of the Interest Period for such Loan.

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall be deemed to be the subject of Request for Advance whether or not an actual request is actually delivered and such LIBO Rate Loan shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers ABL or FLC shall have given the Administrative Agent notice of Bank an actual Request for Advance specifying a permitted conversion or renewal for an Interest Period of different duration as provided in ss. 2.4 (Section) 2.3 hereof, or an Event of Default Default, or Potential Default exists or would thereby occur, or renewal for a new Interest Period of like duration would result in a date later than the Commitment Termination Date. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers ABL and FLC shall have the right to convert Base Prime Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Prime Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they it shall give the Administrative Agent Bank notice of each permitted conversion or renewal as provided in ss(Section) 2.3 hereof. 2.4 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent Bank shall use reasonable commercial its best efforts to notify the Borrowers ABL or FLC, as applicable, of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the Borrowers' ABL's obligations or the Banks' Bank's rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers ABL or FLC, as applicable, shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided herein, such Loan shall be automatically converted into a Base Prime Rate Loan on the last day of the Interest Period for such Loan.

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers CLC shall have given the Administrative Agent Bank notice of a permitted conversion or renewal for an Interest Period of different duration as provided in ss. 2.4 ss.2.3 hereof, or an Event of Default Default, or Potential Default exists or would thereby occur. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers CLC shall have the right to convert Base Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they it shall give the Administrative Agent Bank notice of each permitted conversion or renewal as provided in ss. 2.4 ss.2.3 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent Bank shall use reasonable commercial its best efforts to notify the Borrowers CLC of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the Borrowers' CLC's obligations or the Banks' Bank's rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers CLC shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided Credit Agreement, June 16, 1997 - 12 - Chemical Xxxxxx Corporation herein, such Loan shall be automatically converted into a Base Rate Loan on the last day of the Interest Period for such Loan.

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers Hxxx Companies shall have given the Administrative Agent First Union notice of a permitted conversion or renewal for an Interest Period of different duration as provided in ss. 2.4 hereof, or an Event of Default Default, or Potential Default exists or would thereby occur. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers Hxxx Companies shall have the right to convert Base Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they it shall give the Administrative Agent First Union notice of each permitted conversion or renewal as provided in ss. 2.4 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent First Union shall use reasonable commercial its best efforts to notify the Borrowers Hxxx Companies of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the BorrowersHxxx Companies' obligations or the Banks' rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers Hxxx Companies shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided herein, such Loan shall be automatically converted into a Base Rate Loan on the last day of the Interest Period for such Loan.

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers Hxxx Companies shall have given the Administrative Agent Bank notice of a permitted conversion or renewal for an Interest Credit Agreement -12- November 1997 Period of different duration as provided in ss. 2.4 ss.2.3 hereof, or an Event of Default Default, or Potential Default exists or would thereby occur. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers Hxxx Companies shall have the right to convert Base Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they it shall give the Administrative Agent Bank notice of each permitted conversion or renewal as provided in ss. 2.4 ss.2.3 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent Bank shall use reasonable commercial its best efforts to notify the Borrowers Hxxx Companies of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the BorrowersHxxx Companies' obligations or the Banks' Bank's rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers Hxxx Companies shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided herein, such Loan shall be automatically converted into a Base Rate Loan on the last day of the Interest Period for such Loan.

Renewals and Conversions of Loans. On the last day of each Interest Period, the LIBO Rate Loan then maturing shall automatically be renewed for a new Interest Period of like duration, unless the Borrowers shall have given the Administrative Agent First Union notice of a permitted conversion or renewal for an Interest Period of different duration as provided in ss. 2.4 2.3 hereof, or an Event of Default Default, or Potential Default exists or would thereby occur. If no Event of Default or Potential Default exists or would thereby occur, the Borrowers shall have the right to convert Base Rate Loans into LIBO Rate Loans, to convert LIBO Rate Loans into Base Rate Loans, and to renew LIBO Rate Loans for Interest Periods of different duration, from time to time, provided that they shall give the Administrative Agent First Union notice of each permitted conversion or renewal as provided in ss. 2.4 2.3 hereof, and LIBO Rate Loans may be converted or renewed for different Interest Periods only as of the last day of the applicable Interest Period for such Loans. The Administrative Agent First Union shall use reasonable commercial its best efforts to notify the Borrowers of the effectiveness of such conversion or renewal (automatic or not automatic), and the new interest rate to which the converted or renewed Loan is subject, as soon as practicable after the conversion or renewal; provided, however, that any failure to give such notice shall not affect the Borrowers' obligations or the Banks' rights and remedies hereunder in any way whatsoever. In the event a LIBO Rate Loan is not automatically renewed as provided herein and the Borrowers shall not have selected an alternative Interest Period for any LIBO Rate Loan maturing as provided herein, such Loan shall be automatically converted into a Base Rate Loan on the last day of the Interest Period for such Loan.