Common use of Interest Rate Selection Upon Event of Default Clause in Contracts

Interest Rate Selection Upon Event of Default. Subject to Section 2.3 below, if an Event of Default exists, (i) the Borrower shall not be permitted to Convert or Continue portions of the Loan to the LIBOR Rate Option, unless the Administrative Agent, in its discretion thereafter, in writing, permits the Borrower to Convert or Continue portions of the Loan to the LIBOR Rate Option and (ii) any portions of the Loan to which the LIBOR Rate Option applies will automatically, on the last day of the current Interest Period therefor, Convert to the Base Rate Option.