Common use of Conversion after Default Clause in Contracts

Conversion after Default. Subject to Sections 3.6 and 3.7, if an Event of Default has occurred and is continuing at 10:00 a.m. (Toronto time) on the third Banking Day prior to the maturity date of a Bankers' Acceptance, BA Rate Loan or a LIBOR Loan, such Bankers' Acceptances or BA Rate Loan shall be automatically converted to a Prime Rate Loan and such LIBOR Loan shall be automatically converted to a Base Rate New York Loan as though a notice to such effect had been given in accordance with Section 6.4.

Conversion after Default. Subject to Sections 3.6 and 3.7, if an Event of Default has occurred and is continuing at 10:00 a.m. (Toronto time) on the third Banking Day prior to the maturity date of a Bankers' ’ Acceptance, BA Rate Loan or a LIBOR Loan, such Bankers' ’ Acceptances or BA Rate Loan shall be automatically converted to a Prime Rate Loan and such LIBOR Loan shall be automatically converted to a Base Rate New York Loan as though a notice to such effect had been given in accordance with Section 6.4.