ABR Advance in Absence of Election or Upon Default. If, (a) as to any outstanding SOFR Advance, Administrative Agent has not received payment of all outstanding principal and accrued interest on the last day of the Interest Period applicable thereto, or does not receive a timely Request for Advance meeting the requirements of Section 2.3 with respect to the continuation, refunding or conversion of such Advance, or (b) if on the last day of the applicable Interest Period a Default or an Event of Default shall have occurred and be continuing, then, on the last day of the applicable Interest Period the principal amount of any SOFR Advance which has not been prepaid shall, absent a contrary election of the Majority Lenders, be converted automatically to an ABR Advance and Administrative Agent shall thereafter promptly notify Borrower of said action. All accrued and unpaid interest on any Advance converted to an ABR Advance under this Section 2.8 shall be due and payable in full on the date such Advance is converted.
