Common use of INTEREST IF NO NOTICE OF SELECTION OF INTEREST RATE Clause in Contracts

INTEREST IF NO NOTICE OF SELECTION OF INTEREST RATE. If the Borrower fails to give the Administrative Agent timely notice of its selection of a Eurodollar Basis, or if for any reason a determination of a Eurodollar Basis for any Eurodollar Advance is not timely concluded, the Base Rate shall apply to such Advance and if the Borrower fails to elect to repay, continue or convert any Eurodollar Advance then outstanding prior to the last Payment Date applicable thereto in accordance with the provisions of Section 2.2 hereof, as applicable, the Base Rate shall apply to such Advance commencing on and after such Payment Date.

INTEREST IF NO NOTICE OF SELECTION OF INTEREST RATE. If the a Borrower fails to give the Administrative Agent timely notice of its selection of a Eurodollar Basis, or if for any reason a determination of a Eurodollar Basis for any Eurodollar Advance is not timely concluded, the Base Rate shall apply to such Advance and if the a Borrower fails to elect to repay, continue or convert any Eurodollar Advance then outstanding prior to the last Payment Date applicable thereto in accordance with the provisions of Section 2.2 hereof, as applicable, the Base Rate shall apply to such Advance commencing on and after such Payment Date.