Common use of PROCEDURE UPON AUTOMATIC CONVERSION Clause in Contracts

PROCEDURE UPON AUTOMATIC CONVERSION. In the event of an Automatic Conversion, Borrower shall, as soon as practicable thereafter, deliver to Lender a certificate or certificates, registered in Lender's name, for the number of Units to which Lender shall be entitled by virtue of such Automatic Conversion (the "AUTOMATIC CONVERSION UNITS"). The Automatic Conversion shall be deemed to have occurred on the date of the event triggering the Automatic Conversion and Lender shall be treated for all purposes as the record holder of the Automatic Conversion Units as of such date.