Options Upon Default. Notwithstanding anything in this Section -------------------- 2.6 to the contrary, no Base Rate Loan may be converted to a LIBOR Loan and no LIBOR Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but each such Loan shall be automatically converted to a Base Rate Loan on the last day of each applicable Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Cmi Corp), Credit Agreement (Cmi Corp)