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Common use of Continuation or Conversion Upon Default Clause in Contracts

Continuation or Conversion Upon Default. If no Default shall have occurred and be continuing, each LIBOR Loan may be continued or converted as provided in this Section 2.11. If a Default shall have occurred and be continuing, Borrower shall not have the option to elect to continue any such LIBOR Loan pursuant to Section 2.11(a) or to convert Base Rate Loans to LIBOR Loans pursuant to Section 2.11(e).

Appears in 3 contracts

Samples: Credit Agreement (Aventine Renewable Energy Holdings Inc), Credit Agreement (Aventine Renewable Energy Holdings Inc), Credit Agreement (Aventine Renewable Energy Holdings Inc)

Continuation or Conversion Upon Default. If no Default shall have occurred and be continuing, each LIBOR Loan may be continued or converted as provided in this Section 2.11Section. If a Default shall have occurred and be continuing, Borrower the Borrowers shall not have the option to elect to continue any such LIBOR Loan pursuant to Section 2.11(a2.12(a) or to convert Base Rate ABR Loans to LIBOR Loans pursuant to Section 2.11(e2.12(e).

Appears in 1 contract

Samples: Credit Agreement (Maverick Tube Corporation)