Failure to Elect; Default Sample Clauses
The "Failure to Elect; Default" clause defines what happens if a party does not make a required choice or election within a specified timeframe under the agreement. Typically, this clause will specify a default option or outcome that automatically applies if no election is made, such as selecting a particular method of dispute resolution or designating a default service provider. Its core practical function is to ensure continuity and prevent deadlock or uncertainty by providing a predetermined fallback, thereby maintaining the smooth operation of the contract even when a party fails to act.
Failure to Elect; Default. If Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Advance prior to the end of the Interest Period applicable thereto, then, unless such Advance is repaid as provided herein, at the end of such Interest Period such Advance shall be converted to a Floating Rate Advance. Notwithstanding any contrary provision hereof, so long as a Default has occurred and is continuing: (i) no outstanding Advance may be converted to or continued as a Eurodollar Advance and (ii) unless repaid, each Eurodollar Advance shall be converted to a Floating Rate Advance at the end of the Interest Period applicable thereto.
Failure to Elect; Default. If (i) Borrowers fail to deliver a timely and properly completed Interest Election Request with respect to a SOFR Borrowing denominated in Dollars prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing and (ii) Borrowers fail to deliver a timely and properly completed Interest Election Request with respect to a Borrowing denominated in Other Currencies prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, Borrowers shall be deemed to have selected that such Borrowing shall automatically be continued as a Borrowing in its original Other Currency with an Interest Period of one month at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and Administrative Agent, at the request of the Majority Lenders of any Class, so notifies Borrowers in writing, then, so long as such Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing or SOFR Borrowing and (ii) unless repaid as provided herein (x) each SOFR Borrowing denominated in Dollars shall automatically be converted to a Base Rate Borrowing at the end of the applicable Interest Period therefor and (y) each Eurocurrency Borrowing shall automatically be converted to a Base Rate Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Other Currency) at the end of the applicable Interest Period therefor for Eurocurrency Borrowings.
Failure to Elect; Default. If Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a CBFR Borrowing. Notwithstanding any contrary provision hereof, so long as a Default has occurred and is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing, and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a CBFR Borrowing at the end of the Interest Period applicable thereto.
Failure to Elect; Default. If the Borrower shall fail to deliver a timely and properly completed Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Borrowing with an Interest Period of (x) in respect to a Revolving Credit Loan, one day and (y) in respect of a Bridge Loan, one month. Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as a Default is continuing, (v) no outstanding Borrowing may be continued as a Eurodollar Borrowing and (vi) unless repaid, each Eurodollar Borrowing shall be converted at the end of the Interest Period applicable thereto to a Loan bearing interest under clause (b) of the definition of “Default Rate” set forth above.
Failure to Elect; Default. If Borrower fails to deliver a timely and properly completed Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and Administrative Agent, at the request of the Required Lenders, so notifies Borrower, then, so long as a Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto.
Failure to Elect; Default. If Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Advance prior to the end of the Interest Period applicable thereto, then, unless such Advance is repaid as provided herein, at the end of such Interest Period such Advance shall be converted to a Floating Rate Advance. Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and Administrative Agent, at the request of the Required Lenders, so notifies Borrower, then, so long as a Default is continuing (i) no outstanding Advance may be converted to or continued as a Eurodollar Advance and (ii) unless repaid, each Eurodollar Advance shall be converted to a Floating Rate Advance at the end of the Interest Period applicable thereto.