Common use of Termination Of Right To Elect LIBOR Borrowings Clause in Contracts

Termination Of Right To Elect LIBOR Borrowings. Notwithstanding anything to the contrary set forth in this Agreement, and without limiting any other rights and remedies of the Lenders, the Required Lenders during any continuing Default or Event of Default may suspend the right of the Borrowers to elect any new LIBOR Borrowing or to convert any Adjusted Base Rate Borrowing into a LIBOR Borrowing, to permit any LIBOR Borrowing at the Adjusted LIBOR Rate to be renewed as a LIBOR Borrowing, or to permit any LIBOR Borrowing at the Adjusted Daily LIBOR Rate to continue as a LIBOR Borrowing, in which case, all LIBOR Borrowings, other than LIBOR Borrowings at the Adjusted Daily LIBOR Rate, shall be converted on the last days of the respective Interest Periods therefor or continued, as the case may be, as Adjusted Base Rate Borrowings, and all LIBOR Borrowings at the Adjusted Daily LIBOR Rate shall be converted to Adjusted Base Rate Borrowings on the date selected by the Required Lenders.