Common use of Conversion upon Event of Default Clause in Contracts

Conversion upon Event of Default. Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), JPMorgan Chase, as Administrative Agent, or the Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into, LIBO Rate Advances be suspended.

Appears in 9 contracts

Samples: 364 Day Revolving Credit Agreement (Altria Group Inc), Revolving Credit Agreement (Altria Group Inc), 364 Day Revolving Credit Agreement (Altria Group Inc)

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Conversion upon Event of Default. Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), JPMorgan ChaseJPMCB, as Administrative Agent, or the Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into, LIBO Rate Advances be suspended.

Appears in 8 contracts

Samples: Credit Agreement, Credit Agreement (Altria Group, Inc.), Credit Agreement (Altria Group, Inc.)

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