Conversion on Default. Upon the occurrence of an Event of Default in respect of the Borrower, the Agent on behalf of the Lenders may convert, at the Equivalent Amount, if applicable, a U.S. Base Rate Loan or Libor Loan owing by the Borrower, to a Canadian Prime Rate Loan. Interest shall accrue on each such Canadian Prime Rate Loan at the rate specified in Section 5.1 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default. Upon the occurrence of an Event of Default, the Agent on behalf of the relevant Lenders may convert a Libor Loan owing by a Borrower to a U.S. Base Rate Loan. Interest shall accrue on each such U.S. Base Rate Loan at the rate specified in Section 5.2 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default. Upon the occurrence of an Event of Default in respect of the Borrower, the Lender may convert a CDOR Rate Loan owing by the Borrower to a Canadian Prime Rate Loan. Interest shall accrue on each such Canadian Prime Rate Loan at the rate specified in Section 4.1 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default. Upon the occurrence of an Event of Default, the Agent on behalf of the relevant Lenders may convert a SOFR Loan owing by a Borrower to a U.S. Base Rate Loan. Interest shall accrue on each such U.S. Base Rate Loan at the rate specified in Section 5.2 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default. In the event Maker defaults under this Note, then Payee may thereafter from time to time convert all or any portion of the unpaid principal balance of this Note, and any accrued interest, into shares of the Company's common stock ("Common Stock") at a price of $ .05 per share (the "Conversion Price"). The Conversion Price is subject to adjustment as set forth below.
Conversion on Default. Upon the occurrence of an Event of Default:
(a) the Operating Lender or the Agent on behalf of the Lenders (as applicable) may convert a SOFR Loan owing by the Borrower to a U.S. Base Rate Loan. Interest shall accrue on each such U.S. Base Rate Loan at the rate specified in Section 5.2 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand; and
(b) the Operating Lender or the Agent on behalf of the Lenders (as applicable) may convert a CDOR Rate Loan owing by the Borrower to a Canadian Prime Rate Loan. Interest shall accrue on each such Canadian Prime Rate Loan at the rate specified in Section 5.1 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default the Operating Lender or the Agent on behalf of the Syndicated Lenders (as applicable) may convert (a) a XXXXX Loan owing by the Borrower to a Prime Loan or (b) a SOFR Loan owing by the Borrower to a U.S. Base Rate Loan. Interest shall accrue on each such U.S. Base Rate Loan or Prime Loan, as applicable, at the rate specified in Sections 5.1 or 5.2, as applicable, with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Conversion on Default. In the event that the Borrower defaults on repayment of Loan at maturity, the Lender may, at it sole discretion, elect to convert the Loan, including all accrued and unpaid interest thereon, into common shares of the Borrower at a price per share equal to the minimum price permitted under the policies of the Canadian Securities Exchange (or if the Borrower is not listed on the Canadian Securities Exchange, then on such other stock exchange on which the Borrower’s common shares may then be listed).
Conversion on Default. Notwithstanding the provisions of Section 3.1, if the Corporation has failed to pay dividends on the Series A Preference Shares when legally entitled to do so, or is in breach or default of any of the provisions of Sections 3.8, 3.9, 4.1, 4.2 or 5.4, each Series A Preference Share shall be convertible into such number of fully paid and non-assessable Common Shares as is determined by the Conversion Ratio in effect on the Date of Conversion, at any time during the period during which such non-payment, breach or default is continuing.
Conversion on Default. Upon the occurrence and during the continuance of an Event of Default, the Agent, on behalf of the Lenders, or the Canadian Operating Facility Lender, as applicable, may convert, at the Equivalent Amount, if applicable, (a) any outstanding Loan (other than a Letter of Credit) under the Syndicated Facility to either a Canadian Prime Rate Loan or a U.S. Base Loan (at the Equivalent Amount, if applicable) and (b) any outstanding Loan under the Canadian Operating Facility to a Canadian Prime Rate Loan or U.S. Base Rate Loan. Interest shall accrue on each such Loan at the rate specified in Article 5 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
