Conversion after Default. If a Default has occurred and is continuing at 9:00 a.m. (Toronto time) on the first Business Day prior to the maturity of a Bankers’ Acceptance, BA Rate Loan or LIBOR Loan, such Bankers’ Acceptance or BA Rate Loan shall automatically convert into a Prime Rate Loan and such LIBOR Loan shall automatically convert into a Base Rate Canada Loan as though a notice to such effect had been given in accordance with Section 6.4.
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Sources: Credit Agreement (Fortis Inc.), Credit Agreement (Fortis Inc.)
Conversion after Default. If a Default has occurred and is continuing at 9:00 11:00 a.m. (Toronto time) on the first Business third Banking Day prior to the maturity date of a LIBOR Loan, BA Equivalent Loan or Bankers’ Acceptance, BA Rate Loan or LIBOR Loan, such Bankers’ Acceptance or BA Rate Loan shall automatically convert into a Prime Rate Loan and such LIBOR Loan shall automatically convert into to a Base Rate Canada Loan and such BA Equivalent Loan or Bankers’ Acceptance shall automatically convert to a Prime Rate Loan on the relevant maturity date as though a notice to such effect had been given in accordance with Section 6.4.
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