Common use of Conversion upon Absence of Interest Period Clause in Contracts

Conversion upon Absence of Interest Period. If any Borrower (or the Parent Borrower on behalf of any other Borrower) shall fail to select the duration of any Interest Period for any LIBO Rate Advance, EURIBO Rate Advance or CDO Rate Advance in accordance with the provisions contained in the definition of the term “Interest Period” or to give notice of a voluntary Conversion under Section 2.06(c), the Administrative Agent will forthwith so notify such Borrower and the Lenders of the applicable Class and such Advance will automatically, on the last day of the then existing Interest Period therefor, but subject to the provisions of Sections 2.06(b), 2.08 and 2.13, Convert into a LIBO Rate Advance, EURIBO Rate Advance or CDO Rate Advance, as applicable, with a one month Interest Period.