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.
Appears in 2 contracts
Samples: Credit Agreement (Baytex Energy Corp.), Credit Agreement (Baytex Energy Corp.)
Conversion on Default. Upon the occurrence of an Event of DefaultDefault in respect of the Borrower, the Agent on behalf of the relevant Lenders may convert a Libor Loan owing by a Borrower 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.
Appears in 2 contracts
Samples: Credit Agreement (Trident Resources Corp), Credit Agreement (Baytex Energy Corp.)
Conversion on Default. Upon the occurrence of an Event of DefaultDefault in respect of the Borrower, the Agent on behalf of the relevant Lenders may convert a Libor Loan owing by a 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.
Appears in 1 contract
Conversion on Default. Upon the occurrence of an Event of DefaultDefault in respect of the Borrower, the Agent on behalf of the relevant Lenders may convert a Libor Loan owing by a Borrower 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 5.1 with interest on all overdue interest at the same rate, such interest to be calculated daily and payable on demand.
Appears in 1 contract
Samples: Credit Agreement (Enbridge Inc)
