Common use of Conversion upon Default Clause in Contracts

Conversion upon Default. Unless the Lender shall otherwise consent in writing, if (i) Borrower fails to pay when due, in whole or in part, the Obligations, or (ii) there exists any Event of Default or other Default with respect to which Lender has given a required notice of default as a precondition to the occurrence of an Event of Default, no conversion or continuation elections by the Borrower shall be permitted, and the Lender, in its sole discretion, may (i) permit any outstanding LIBOR Loan to continue until the last day of the applicable Interest Period at which time such Loan shall automatically be converted into a Base Rate Loan or (ii) convert any outstanding LIBOR Loan into a Base Rate Loan before the end of the applicable Interest Period applicable to such LIBOR Loan. Nothing herein shall be construed to be a waiver by the Lender to have any Loan accrue interest at the Default Rate or the right of the Lender to charge and collect Breakage Costs.

Conversion upon Default. Unless the Lender Bank shall otherwise consent in writing, if (i) Borrower fails to pay when due, in whole or in part, the Obligationsindebtedness under the Note (whether by demand or otherwise), or (ii) there exists any Event condition or event which with the passage of Default time, the giving of notice or other Default with respect to which Lender has given a required notice both shall constitute an event of default as a precondition to under any of Borrower’s agreement with the occurrence of an Event of DefaultBank, if any, no conversion or continuation elections by the Borrower shall be permitted, and the LenderBank, in its sole discretion, may (i) permit any outstanding LIBOR Loan Rate Loans to continue until the last day of the applicable Interest Period at which time such Loan shall automatically be converted into a Base Rate Loan or (ii) convert any outstanding LIBOR Loan Rate Loans into a Base Rate Loan before the end of the applicable Interest Period applicable to such LIBOR Rate Loan. Nothing herein shall be construed to be a waiver by the Lender Bank to have any Loan accrue interest at the Default Rate of interest (which shall be calculated from the higher of the LIBOR Rate or the Base Rate) or the right of the Lender Bank to charge and collect a Breakage CostsFee.