If No Notice. If (a) the Borrower fails to select an interest rate option in accordance with the foregoing prior to a Loan Advance, or at least three (3) Business Days prior to the last day of the applicable Interest Period of an outstanding LIBO Rate Advance, or (b) a LIBO Rate Advance is not available, then any new Loan Advance made shall be deemed to be a Base Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts of the applicable LIBO Rate Advance shall be deemed converted to a Base Rate Advance.
If No Notice. If Borrower fails to timely select an interest rate option in accordance with the foregoing prior to a new Loan or as to an expiring Interest Period of an outstanding LIBOR Loan, then such new Loan and/or such outstanding LIBOR Loan shall be deemed converted to a LIBOR Loan with an Interest Period of one (1) month; provided, however, if a LIBOR Loan is not then available, any such new Loan shall be deemed to be a Variable Rate Loan, and on the last day of the applicable Interest Period of any such outstanding LIBOR Loan all outstanding principal amounts thereon shall be deemed converted to a Variable Rate Loan.
If No Notice. If Borrower fails to select an interest rate option in accordance with the foregoing prior to an Advance, or prior to the last day of the applicable Interest Period of an outstanding Eurodollar Advance, or if a Eurodollar Advance is not available, any new Advance made shall be deemed to be a Variable Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts shall be deemed converted to a Variable Rate Advance.
If No Notice. If Borrower fails to select an interest rate option in accordance with Section 2.3.5 with respect to any Loan, such Loan made shall be deemed to be a Base Rate Loan, and on the last day of the applicable Interest Period all outstanding principal amounts shall be deemed converted to such a Base Rate Loan.
If No Notice. If (a) the Borrower fails to select an interest rate option with respect to any Term SOFR Loan in accordance with the foregoing at least three (3) SOFR Business Days prior to the last day of the applicable Interest Period of such outstanding Term SOFR Loan, on the last day of the applicable Interest Period all outstanding principal amounts of the applicable SOFR Loan shall be deemed converted to a Base Rate Loan.
If No Notice. If Borrower fails to select an interest rate option in accordance with the foregoing prior to a new Advance, any new Advance made shall be deemed to be a Base Rate Loan. If Borrower fails to select an interest rate option in accordance with the foregoing at least three (3) London Business Days prior to the last day of the applicable LIBOR Period of an outstanding LIBOR Rate Loan, then on the last day of the applicable LIBOR Period all outstanding principal amounts shall convert to a Base Rate Loan.
If No Notice. If the Borrower shall have failed to provide the Agent with a timely Notice of Interest Period Selection, as provided for above, then, subject to the provisions of this Agreement concerning the availability of the LIBOR Rate, the Borrower shall be deemed to have selected and Interest Period of one (1) month. If the LIBOR Rate is not available (because the Agent is unable to determine LIBO as provided in the definition of "LIBO" or the LIBOR Rate is unavailable as contemplated by Section 2.6.2 hereof ) for any Loan made after the initial advance hereunder, then any such outstanding LIBOR Advance, or any such new Loan made shall be deemed to be a Variable Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts of any such outstanding LIBOR Advance shall be deemed converted to a Variable Rate Advance, until the LIBOR Rate becomes available and a selection is made pursuant to Section 2.3.2 hereof.
If No Notice. If Borrower submits a borrowing request without a Notice of Rate Selection, the Borrower authorizes the Lender in its discretion to (a) refuse to make the requested Term Loans, or (b) make such Term Loans as Variable Rate Advances. At the end of each applicable Interest Period, the applicable LIBOR Advance shall be converted to a Variable Rate Advance unless Borrower selects another option in accordance with the provisions of this Note.
If No Notice. If Borrower fails to select an interest rate option in accordance with the foregoing prior to a Loan Advance, or prior to the last day of the applicable Interest Period of an outstanding LIBOR Based Advance, or if a LIBOR Based Advance is not available, any new Loan Advance made shall be deemed to be a Variable Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts shall be deemed converted to a Variable Rate Advance.
If No Notice. If Borrower fails to select an interest rate option in accordance with the foregoing prior to a new Advance, or if a LIBOR Advance is selected for a new Advance but is not available, such new Advance made shall be deemed to be a Prime Rate Advance. On the other hand, if the Borrower fails to convert an existing LIBOR Advance to a Prime Rate Advance or to a LIBOR Advance with a different Interest Period at least three (3) days prior to the last day of the applicable Interest Period of an outstanding LIBOR Advance, on the last day of the applicable Interest Period the outstanding principal amount of the LIBOR Advance shall be renewed as a LIBOR Advance having an Interest Period of the same duration. Commercial Loan Agreement – Micronetics, Inc.
