Conversion upon Default. Unless the Administrative Agent shall otherwise consent in writing, if (i) Borrowers fail to pay when due, in whole or in part, any of the Obligations (whether by demand or otherwise), or (ii) there exists an Event of Default, the Administrative Agent, in its sole discretion, may convert any or all SOFR Loans to Base Rate Loans. Nothing herein shall be construed to be a waiver by the Administrative Agent or any of the Lenders to have any Loan accrue interest at the Default Rate of interest.
Appears in 2 contracts
Sources: Credit Agreement (GPB Automotive Portfolio, LP), Credit Agreement (GPB Automotive Portfolio, LP)