Common use of Conversion by Lenders Clause in Contracts

Conversion by Lenders. 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 Equivalent Loan or a LIBOR Loan, such Bankers’ Acceptances or BA Equivalent Loan shall be automatically converted to a Prime Rate Loan and such LIBOR Loan shall be automatically converted to a Base Rate Loan as though a notice to such effect had been given in accordance with Section 6.4.

Conversion by Lenders. If an Event of a 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 Equivalent Loan or a LIBOR Loan, the Administrative Agent may, as applicable, convert such Bankers’ Acceptances or BA Equivalent Loan shall be automatically converted to a Prime Rate Loan and such LIBOR Loan shall be automatically converted to into a Base Rate Loan Canada Loan, in each case, on their maturity, as though a notice to such effect had been given in accordance with Section 6.4.