Common use of Failure to Elect; Events of Default Clause in Contracts

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Revolving LIBO Rate Borrowing prior to the end of the Interest Period therefor, then, unless such Revolving LIBO Rate Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Revolving LIBO Rate Borrowing and (ii) unless repaid, each Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period therefor.

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Revolving LIBO Rate Borrowing prior to the end of the Interest Period therefor, then, unless such Revolving LIBO Rate Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of such Interest Period such Borrowing shall be converted to a LIBO Borrowing with an Interest Period of one (1) month; provided, however, if the Commitment Termination Date shall occur within one (1) month after the end of any such Interest Period, such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Revolving LIBO Rate Borrowing and (ii) unless repaid, each Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period therefor.

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Revolving LIBO Rate Borrowing prior to the end of the Interest Period therefor, then, unless such Revolving LIBO Rate Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of such Interest Period such Borrowing shall be converted to a LIBO Borrowing with an Interest Period of one month; provided, however, if the Maturity Date shall occur within one month after the end of any such Interest Period, such Borrowing shall be converted to a Revolving ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Revolving LIBO Rate Borrowing and (ii) unless repaid, each Revolving LIBO Rate Borrowing shall automatically be converted to an a Revolving ABR Borrowing at the end of the Interest Period therefor.

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Revolving LIBO Rate LIBOR Borrowing prior to the end of the Interest Period therefor, then, unless such Revolving LIBO Rate Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Revolving LIBO Rate Borrowing shall automatically be converted to an ABR Borrowing at the end of such Interest Period such Borrowing shall be converted to or continued as, as the case may be, (i) if the Loans constituting such Borrowing are Tranche A Loans, a LIBOR Borrowing with a 3-month Interest Period, and (ii) if the Loans constituting such Borrowing are Tranche X Loans, a LIBOR Borrowing with a 1-month Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such an Event of Default is continuing continuing, (iA) no outstanding Borrowing may be converted to or continued as a Revolving LIBO Rate LIBOR Borrowing and (iiB) unless repaid, each Revolving LIBO Rate LIBOR Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period therefor.