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.
Appears in 5 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
