Failure to select Interest Period. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche under the LIBOR Rate Option at the expiration of an existing Interest Period in accordance with the provisions of this Section 2.2, the Borrower shall be deemed to have converted such Borrowing Tranche to the LIBOR Rate Option with an Interest Period of one (1) month commencing upon the last day of the existing Interest Period.
Appears in 4 contracts
Samples: Loan Agreement (Equity One, Inc.), Loan Agreement (Equity One, Inc.), Loan Agreement (Equity One, Inc.)
Failure to select Interest Period. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche under the LIBOR Rate Option at the expiration of an existing Interest Period in accordance with the provisions of this Section 2.2, the Borrower shall be deemed to have converted such Borrowing Tranche to the LIBOR Rate Option with an Interest Period of one (1) month commencing upon the last day of the existing Interest Period.
Appears in 1 contract
Samples: Loan Agreement (Equity One, Inc.)
