Common use of Failure of Borrowers To Elect Clause in Contracts

Failure of Borrowers To Elect. If no Interest Period is specified in any Notice of Borrowing for any LIBOR Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Rate Loans. If Holdings, on behalf of the Borrowers, shall not have given notice in accordance with Section 3.1(h) to continue any LIBOR Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h) to convert such Loans), subject to the limitations set forth in Section 3.1(h), such LIBOR Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h) would not be complied with, such LIBOR Loans automatically shall be converted to Prime Rate Loans.

Failure of Borrowers To Elect. If no Interest Period is specified in any Notice of Borrowing for any LIBOR Rate Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Rate Loans. If Holdings, on behalf of the Borrowers, shall not have given notice in accordance with Section 3.1(h) to continue any LIBOR Rate Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h) to convert such Loans), subject to the limitations set forth in Section 3.1(h), such LIBOR Rate Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR Rate Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h) would not be complied with, such LIBOR Rate Loans automatically shall be converted to Prime Rate Loans.

Failure of Borrowers To Elect. If no Interest Period is specified in any Notice of Borrowing for any LIBOR Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Rate Loans. If Holdings, on behalf of the Borrowers, shall not have given notice in accordance with Section 3.1(h) to continue any LIBOR Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h) to convert such Loans), subject to the limitations set forth in Section 3.1(h), such LIBOR Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h) would not be complied with, such LIBOR Loans automatically shall be converted to Prime Rate Loans.. ​

Failure of Borrowers To Elect. If no Interest Period is specified in any Notice of Borrowing for any LIBOR Term SOFR Rate Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Base Rate Loans. If Holdings, on behalf of the Borrowers, shall not have given notice in accordance with Section 3.1(h3.1(i) to continue any LIBOR Term SOFR Rate Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h3.1(i) to convert such Loans), subject to the limitations set forth in Section 3.1(h3.1(i), such LIBOR Term SOFR Rate Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR Term SOFR Rate Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h3.1(i) would not be complied with, such LIBOR Term SOFR Rate Loans automatically shall be converted to Prime Base Rate Loans.

Failure of Borrowers To Elect. If no Interest ----------------------------- Period is specified in any Notice of Borrowing for any LIBOR Rate Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Rate an Interest Period with a duration of one month with respect to LIBOR Loans. If Holdings, on behalf of the Borrowers, Borrowers shall not have given notice in accordance with Section 3.1(h) to continue any LIBOR Rate Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h) to convert such Loans), subject to the limitations set forth in Section 3.1(h), such LIBOR Rate Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h) would not be complied with, such LIBOR Loans automatically shall be converted to Prime Rate Loans.

Failure of Borrowers To Elect. If no Interest Period is specified in any Notice of Borrowing for any LIBOR LIBORTerm SOFR Rate Loans comprising a Revolving Credit Borrowing, the Borrowers shall be deemed to have selected instead Prime Rate Loans. If Holdings, on behalf of the Borrowers, shall not have given notice in accordance with Section 3.1(h) to continue any LIBOR LIBORTerm SOFR Rate Loans comprising a Revolving Credit Borrowing into a subsequent Interest Period (and shall not have otherwise delivered a Rate Conversion/Continuation Request in accordance with Section 3.1(h) to convert such Loans), subject to the limitations set forth in Section 3.1(h), such LIBOR LIBORTerm SOFR Rate Loans shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically shall be converted to (or, as the case may be, continued as) LIBOR LIBORTerm SOFR Rate Loans having an Interest Period of one (1) month, provided that if such limitations of Section 3.1(h) would not be complied with, such LIBOR LIBORTerm SOFR Rate Loans automatically shall be converted to Prime Rate Loans.