Common use of Repayments; Conversion; Continuation Clause in Contracts

Repayments; Conversion; Continuation. Subject to Section 2.1, at least (A) three (3) Business Days prior to the last Business Day of each Interest Period for each LIBOR Advance and (B) three (3) U.S. Government Securities Business Days prior to the last Business Day of each Interest Period for each Term SOFR Advance, the Borrower shall give the Administrative Agent telephonic notice followed immediately by a Request for Advance specifying whether all or a portion of such LIBOR Advance or Term SOFR Advance, as applicable, (A) is to be Continued in whole or in part as one or more LIBOR Advances or Term SOFR Advances, (B) is to be Converted in whole or in part to a Base Rate Advance (other than a Swingline Loan), or (C) is to be repaid and not Continued or Converted. The failure to give such notice shall preclude the Borrower from Continuing such Advance as a LIBOR Advance or Term SOFR Advance on such day and shall be considered a request for a Conversion to a Base Rate Advance (other than a Swingline Loan). Upon the last Business Day of the applicable Interest Period such LIBOR Advance or Term SOFR Advance, as applicable, will, subject to the provisions hereof, be so repaid, Continued or Converted, as applicable.