Common use of Rates Applicable After Event of Default Clause in Contracts

Rates Applicable After Event of Default. During the continuance of an Event of Default the Administrative Agent may, at the direction of the Required Lenders, by notice to the Borrower, declare that (i) no Advance may be converted into, or continued beyond the expiration of any then-current Interest Period as, a LIBOR Rate Advance, and (ii) the Default Rate shall apply (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders to changes in interest rates), provided, however, that the Default Rate shall become applicable automatically if an Event of Default occurs under Section 8.1, 8.2, or 8.3, unless waived by the Required Lenders.

Rates Applicable After Event of Default. . During the continuance of an Event of Default the Administrative Agent may, at the direction of the Required Lenders, by notice to the Borrower, declare that (i) no Advance may be made as, converted into, or continued beyond the expiration of any then-current Interest Period as, a LIBOR Rate Advance, and (ii) the Default Rate shall apply (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders to changes in interest rates), provided, however, that the Default Rate shall become applicable automatically if an Event of Default occurs under Section 8.1, 8.2, or 8.3, unless waived by the Required Lenders.