Choosing Interest Rate Basis and Interest Period. (i) At least three (3) Business Days prior to the last day of each interest Period for each LIBOR Loan, the Borrower Representative shall give the Collateral Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (1) is to be Continued in whole or in part as or to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as one (1), three (3) or six (6) month period), (2) is to be Converted in whole or in part into a Base Rate Loan, or (3) is to be repaid. The failure to give such notice shall be deemed to constitute a request by Borrowers to continue such Loan as a LIBOR Loan for a one-month LIBOR Interest Period on the last day of the applicable Interest Period. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable and as set forth in such Notice.
Choosing Interest Rate Basis and Interest Period. (i) At least 3 Business Days prior to the last day of each Interest Period for each LIBOR Loan, the Borrowers or Borrower Representative shall deliver to the Administrative Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (x) is to be Continued in whole or in part as or to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as 1, 2, 3 or 6 (or 9 if acceptable to all applicable Lenders) month period), (y) is to be Converted in whole or in part into a Base Rate Loan, or (z) is to be repaid. The failure to give such notice shall preclude the Borrowers from continuing such Loan as a LIBOR Loan and shall be considered a request for a Conversion to a Base Rate Loan and if no timely Notice of Conversion or Continuation is given with respect to any LIBOR Loan, it shall automatically Convert to a Base Rate Loan on the last day of the applicable Interest Period. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable and as set forth in such Notice. Notwithstanding anything to the contrary contained herein, after the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and at the request of the Required Lenders shall) notify the Borrowers that Loans may only be converted into or continued as Base Rate Loans and thereafter, until no Event of Default shall continue to exist, Loans may not be converted into or continued as LIBOR Loans.
