Common use of Selection of Interest Rates Clause in Contracts

Selection of Interest Rates. Subject to the terms and provisions of this Agreement, the Company shall have the right either to convert any Loan (in whole or in part) into a Loan of another Type (provided that no such conversion of Eurodollar Loans or Competitive Loans shall be permitted other than on the last day of an Interest Period applicable thereto) or to continue such Loan (in whole or in part) as a Loan of the same Type. In the event the Company fails to so give such notice prior to the end of the applicable Interest Period with respect to any Eurodollar Loan or Competitive Loan, such Loan shall become an Alternate Base Rate Loan on the last day of such Interest Period. Notwithstanding any other provision of this Agreement, if a Default shall have occurred and be continuing on the last day of an Interest Period applicable to a Eurodollar Loan or Competitive Loan, such Loan shall automatically be converted to an Alternate Base Rate Loan.