Common use of Conversion upon Default Clause in Contracts

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration or otherwise), or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event of Default, the Bank, in its sole discretion, may (i) permit the LIBOR Rate to continue until the last day of the applicable Interest Period at which time such the Applicable Rate shall automatically be converted to the Base Rate or (ii) convert the LIBOR Rate to the Base Rate before the end of the applicable Interest Period. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "Bankruptcy Event"), the Applicable Rate shall be automatically converted to the Base Rate without further action by the Bank and Borrower shall have no right to have the Applicable Rate converted from the Base Rate to the LIBOR Rate. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount accrue interest at the Default Rate or the right of the Bank to the amounts set forth in Section 2(h) of this Note.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration or otherwise)Note, or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event event of Defaultdefault under any of Borrower's agreement with the Bank, if any, Borrower may not elect to have a Loan converted or continued as a LIBOR Rate Loan or have any Loan made as a LIBOR Rate Loan. Further, the Bank, in its sole discretion, may (i) permit the any outstanding LIBOR Rate Loans to continue until the last day of the applicable Interest Period at which time such the Applicable Rate Loan shall automatically be converted to the into a Base Rate Loan or (ii) convert the any outstanding LIBOR Rate to the Loans into a Base Rate Loan before the end of the applicable Interest PeriodPeriod applicable to such LIBOR Rate Loan. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "Bankruptcy Event"), the Applicable any outstanding LIBOR Rate Loans shall be automatically converted to the Base Rate Loans without further action by the Bank and Borrower shall have no right Borrower's rights to have the Applicable Rate converted from the Base Rate to the LIBOR RateLoans converted under Section 4 shall be automatically terminated. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount 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 Bank to the amounts set forth in Section 2(h2(e) of this Note.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration or otherwise), or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event of Default, the Bank, in its sole discretion, may (i) permit the LIBOR Rate to continue until the last day of the applicable Interest Period at which time such the Applicable Rate shall automatically be converted to the Base Rate or (ii) convert the LIBOR Rate to the Base Rate before the end of the applicable Interest Period. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "“Bankruptcy Event"”), the Applicable Rate shall be automatically converted to the Base Rate without further action by the Bank and Borrower shall have no right to have the Applicable Rate converted from the Base Rate to the LIBOR Rate. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount accrue interest at the Default Rate or the right of the Bank to the amounts set forth in Section 2(h) of this Note.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration by demand or otherwise), or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event event of Defaultdefault under any of Borrower's agreement with the Bank, if any, Borrower may not elect to convert or continue a LIBOR Rate. Further, the Bank, in its sole discretion, may (i) permit the any outstanding LIBOR Rate to continue until the last day of the applicable Interest Period at which time such the Applicable LIBOR Rate shall automatically be converted to the into a Base Rate or (ii) convert the any outstanding LIBOR Rate to the into a Base Rate before the end of the applicable Interest PeriodPeriod applicable to such LIBOR Rate. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "Bankruptcy Event"), the Applicable any outstanding LIBOR Rate shall be automatically converted to the Base Rate without further action by the Bank and Borrower shall have no right Borrower's rights to have the Applicable Base Rate converted from the Base Rate to the LIBOR Rateunder Section 3 shall be automatically terminated. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount this Note 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 Bank to the amounts set forth in Section 2(h2(a) of this Note. Insert No. 2 or (b) any Event of Default occurs under the Loan Agreement, as the Loan Agreement is amended, extended or replaced from time to time.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration or otherwise)Note, or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event event of Defaultdefault under any of Borrower’s agreement with the Bank, if any, Borrower may not elect to have a Loan converted or continued as a LIBOR Rate Loan or have any Loan made as a LIBOR Rate Loan. Further, the Bank, in its sole discretion, may (i) permit the any outstanding LIBOR Rate Loans to continue until the last day of the applicable Interest Period at which time such the Applicable Rate Loan shall automatically be converted to the into a Base Rate Loan or (ii) convert the any outstanding LIBOR Rate to the Loans into a Base Rate Loan before the end of the applicable Interest PeriodPeriod applicable to such LIBOR Rate Loan. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "“Bankruptcy Event"”), the Applicable any outstanding LIBOR Rate Loans shall be automatically converted to the Base Rate Loans without further action by the Bank and Borrower shall have no right Borrower’s rights to have the Applicable Rate converted from the Base Rate to the LIBOR RateLoans converted under Section 4 shall be automatically terminated. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount 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 Bank to the amounts set forth in Section 2(h2(e) of this Note.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration by demand or otherwise), or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event event of Defaultdefault under any of Borrower's agreement with the Bank, if any, Borrower may not elect to have a Loan converted or continued as a LIBOR Rate Loan or have any Loan made as a LIBOR Rate Loan. Further, the Bank, in its sole discretion, may (i) permit the any outstanding LIBOR Rate Loans to continue until the last day of the applicable Interest Period at which time such the Applicable Rate Loan shall automatically be converted to the into a Base Rate Loan or (ii) convert the any outstanding LIBOR Rate to the Loans into a Base Rate Loan before the end of the applicable Interest PeriodPeriod applicable to such LIBOR Rate Loan. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "'Bankruptcy Event"'), the Applicable any outstanding LIBOR Rate Loans shall be automatically converted to the Base Rate Loans without further action by the Bank and Borrower shall have no right Borrower's rights to have the Applicable Rate converted from the Base Rate to the LIBOR RateLoans converted under Section 4 shall be automatically terminated. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount 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 Bank to the amounts set forth in Section 2(h2(e) of this Note.

Conversion upon Default. Unless the Bank shall otherwise consent in writing, if (i) Borrower has failed to pay when due, in whole or in part, the indebtedness under the Note (whether upon maturity, acceleration by demand or otherwise), or (ii) there exists a condition or event which with the passage of time, the giving of notice or both shall constitute an Event event of Defaultdefault under any of Borrower's agreement with the Bank, if any, Borrower may not elect to have a Loan converted or continued as a LIBOR Rate Loan or have any Loan made as a LIBOR Rate Loan. Further, the Bank, in its sole discretion, may (i) permit the any outstanding LIBOR Rate Loans to continue until the last day of the applicable Interest Period at which time such the Applicable Rate Loan shall automatically be converted to the into a Base Rate Loan or (ii) convert the any outstanding LIBOR Rate to the Loans into a Base Rate Loan before the end of the applicable Interest PeriodPeriod applicable to such LIBOR Rate Loan. Notwithstanding the foregoing, if Borrower commences, or has commenced against it, any proceeding or request for relief under any bankruptcy, insolvency or similar laws now or hereafter in effect in the United States of America or any state or territory thereof or any foreign jurisdiction or any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Borrower (a "Bankruptcy Event"), the Applicable any outstanding LIBOR Rate Loans shall be automatically converted to the Base Rate Loans without further action by the Bank and Borrower shall have no right Borrower's rights to have the Applicable Rate converted from the Base Rate to the LIBOR RateLoans converted under Section 4 shall be automatically terminated. Nothing herein shall be construed to be a waiver by the Bank to have the Principal Amount any Loan accrue interest at the Default Rate or the right of the Bank to the amounts set forth in Section 2(h2(e) of this Note.