Failure to Convert or Renew. Absent due notice from the Borrowers of conversion or renewal in the circumstances described in Section 3.2(a) hereof, any part of the Fixed Rate Portion for which such notice is not received shall be converted automatically to the Weekly One-Month SOFR Index Rate Option on the last day of the expiring Funding Period.
Appears in 2 contracts
Samples: Loan and Guaranty Agreement (Seneca Foods Corp), Loan and Guaranty Agreement (Seneca Foods Corp)
