The Interest Rate with respect to the Loan shall be: # the LIBOR Rate with respect to the applicable Interest Accrual Period for a LIBOR Loan or # the Substitute Rate for a Substitute Rate Loan if the Loan is converted to a Substitute Rate Loan pursuant to the provisions hereof. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Substitute Rate Loan.

Subject to the terms and conditions hereof, the Loan shall be a LIBOR Loan or a Substitute Rate Loan, as applicable and Borrower shall pay interest on the outstanding principal amount of the Loan at the LIBOR Rate or the Substitute Rate, as applicable, for the applicable Interest Accrual Period. Any change in the rate of interest hereunder due to a change in the Interest Rate shall become effective as of the opening of business on the first day on which such change in the Interest Rate shall become effective. Each determination by Lender of the Interest Rate, including, without limitation, the basis for a change in the rate or index used to determine the Interest Rate or the identification of the Substitute Index (each as set forth below), shall be conclusive and binding for all purposes, absent manifest error.