Common use of Conversion on Default Clause in Contracts

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 in respect of the BorrowerDefault, the Administrative Agent on behalf of the Lenders may convert, at the Equivalent Amount, if applicable, a U.S. Base Rate Loan or Libor LIBOR Loan owing by the Borrower, at any time to a Canadian Prime Rate Loan. Interest shall accrue on each such Canadian Prime Rate Loan at the rate specified in Section 5.1 Canadian Prime Rate with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.