Failure to Select a New Interest Period. If upon the expiration of any Interest Period applicable to LIBOR Committed Loans Borrower has failed to select a new Interest Period to be applicable to LIBOR Committed Loans, or if any Default or Event of Default shall then exist, Borrower shall be deemed to have elected to convert LIBOR Committed Loans into Reference Rate Committed Loans effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Property Trust Inc)
Failure to Select a New Interest Period. If upon the expiration of any Interest Period applicable to LIBOR Committed Loans Borrower has failed to select a new Interest Period to be applicable to LIBOR Committed Loans, or if any Default or Event of Default shall then exist, Borrower shall be deemed to have elected to convert LIBOR Committed Loans into Reference Rate Committed Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Property Trust Inc), Revolving Credit Agreement (Essex Portfolio Lp)
Failure to Select a New Interest Period. If upon the expiration of any Interest Period applicable to LIBOR Committed Loans Borrower has failed to select a new Interest Period to be applicable to LIBOR Committed Loans, Borrower shall be deemed to have elected a new Interest Period of one (1) month effective as of the expiration date of such current Interest Period or if any Default or Event of Default shall then exist, Borrower shall be deemed to have elected to convert LIBOR Committed Loans into Reference Rate Committed Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Samples: Revolving Credit Agreement (AmREIT, Inc.), Revolving Credit Agreement (AmREIT, Inc.)
