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 Term Benchmark Loan, such Bankers’ Acceptance or BA Rate Loan shall automatically convert into a Prime Rate Loan and such Term Benchmark 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.)
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 RateCORRA Loan or Term Benchmark Loan, such Bankers’ Acceptance or BA Rate RateCORRA Loan shall automatically convert into a Prime Rate Loan and such Term Benchmark 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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