Common use of Absence of Election Clause in Contracts

Absence of Election. In the event that the Borrower shall not give notice to continue any LIBOR Loan for a subsequent period, such LIBOR Loan (unless repaid) shall automatically be converted into a Base Rate Loan. If the Borrower fails to specify in any Borrowing Notice the type of borrowing or, in the case of a LIBOR Loan, the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. If the Agent reasonably believes that any failure by the Borrower to specify the type of borrowing or the applicable Interest Period shall have resulted from failure of communications equipment or clerical error, then prior to funding any such borrowing Agent shall use reasonable efforts to obtain confirmation from the Borrower of the contents of such Borrowing Notice; provided, however, in the absence of prompt confirmation by the Borrower which specifies the type of borrowing and/or the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. Notwithstanding anything to the contrary contained above, if a Default or Event of Default shall have occurred and be continuing, no LIBOR Loan may be continued and no Base Rate Loan may be converted into a LIBOR Loan.

Absence of Election. In the event that the Borrower shall not give notice to continue any LIBOR Loan for a subsequent period, such LIBOR Loan (unless repaid) shall automatically be converted into a Base Rate Loan. If the Borrower fails to specify in any Borrowing Notice the type of borrowing or, in the case of a LIBOR Loan, the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. If the Agent reasonably believes that any failure by the Borrower to specify the type of borrowing or the applicable Interest Period shall have resulted from failure of communications equipment or clerical error, then prior to funding any such borrowing Agent shall use reasonable efforts to obtain confirmation from the Borrower of the contents of such Borrowing Notice; provided, however, in the absence of prompt confirmation by the Borrower which specifies the type of borrowing and/or the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. Notwithstanding anything to the contrary contained above, if a Default or an Event of Default shall have occurred and be continuing, no LIBOR Loan may be continued and no Base Rate Loan may be converted into a LIBOR Loan.

Absence of Election. In the event that the Borrower shall not give notice to continue any LIBOR Loan for a subsequent period, such LIBOR Loan (unless repaid) shall automatically be converted into a Base Rate Loan. If the Borrower fails to specify in any Borrowing Notice the type of borrowing or, in the case of a LIBOR Loan, the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. If the Agent reasonably believes that any failure by the Borrower to specify the type of borrowing or the applicable Interest Period shall have resulted from failure of communications equipment or clerical error, then prior to funding any such borrowing Agent shall use reasonable efforts to obtain confirmation from the Borrower of the contents of such Borrowing Notice; provided, however, in the absence of prompt confirmation by the Borrower which specifies the type of borrowing and/or the applicable Interest Period, the Borrower will be deemed to have requested a Base Rate Loan. Notwithstanding anything to the contrary contained above, if a an Event of Default or Unmatured Event of Default shall have occurred and be continuing, no LIBOR Loan may be continued and no Base Rate Loan may be converted into a LIBOR Loan.