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

Conversion upon Absence of Interest Period. If the Borrower shall fail to select the duration of any Interest Period for any Term SOFR Loan in accordance with the provisions contained in the definition of the term “Interest Period” or to give notice of a Conversion or Continuation under Section 2.06(c), the Administrative Agent will forthwith so notify the Borrower and the Lenders and such Loan will automatically, on the last day of the then existing Interest Period therefor, Convert to a Base Rate Loan.