Common use of Effect of Failure to Deliver Timely Interest Election Request and Events of Default on Interest Election Clause in Contracts

Effect of Failure to Deliver Timely Interest Election Request and Events of Default on Interest Election. If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such SOFR Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such SOFR Borrowing shall automatically be continued as a SOFR Borrowing and such SOFR Borrowing shall have an Interest Period as contemplated by the definition of the term “Interest Period”. Notwithstanding any contrary provision hereof, if (i) an Event of Default (other than one described in Section 11.01(g) or Section 11.01(h)) has occurred and is continuing and the Administrative Agent, at the request of the Majority Lenders, so notifies the Borrower, or (b) an Event of Default described in Section 11.01(g) or Section 11.01(h) has occurred and is continuing (and without requirement of notice of any kind), then, so long as such Event of Default is continuing: (i) no outstanding Borrowing may be converted to or continued as a SOFR Borrowing and (ii) unless repaid as provided herein, each SOFR Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

Effect of Failure to Deliver Timely Interest Election Request and Events of Default on Interest Election. If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to (x) in the case of any Term SOFR Borrowing, the end of the Interest Period applicable thereto, then, unless such SOFR Borrowing is repaid as provided herein, at the Borrower end of such Interest Period such Borrowing shall be deemed automatically converted to have selected that an ABR Borrowing or (y) in the case of any Daily Simple SOFR Borrowing, the applicable Interest Payment Date therefor, then, unless such SOFR Borrowing is repaid as provided herein, on the Interest Payment Date therefor, such Borrowing shall be automatically be continued as a SOFR Borrowing and such SOFR Borrowing shall have converted to an Interest Period as contemplated by the definition of the term “Interest Period”ABR Borrowing. Notwithstanding any contrary provision hereof, if (i) an Event of Default (other than one described in Section 11.01(g) or Section 11.01(h)) has occurred and is continuing and the Administrative Agent, acting at the request direction of the Majority Lenders, so notifies has notified the BorrowerBorrower that no conversion of outstanding Borrowings into, or (b) an Event of Default described in Section 11.01(g) or Section 11.01(h) has occurred and is continuing (and without requirement of notice of any kind)continuation as, thenSOFR Borrowings shall be permitted, so long as such Event of Default is continuing: (i) no outstanding Borrowing may be converted to or continued as a Term SOFR Borrowing or a Daily Simple SOFR Borrowing (and any Interest Election 13 Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term SOFR Borrowing or a Daily Simple SOFR Borrowing shall be ineffective) and (ii) unless repaid as provided hereinrepaid, each Term SOFR Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period applicable thereto, and each Daily Simple SOFR Borrowing shall be converted to an ABR Borrowing on the Interest Payment Date therefor.

Effect of Failure to Deliver Timely Interest Election Request and Events of Default on Interest Election. If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to (x) in the case of any Term SOFR Borrowing, the end of the Interest Period applicable thereto, then, unless such SOFR Borrowing is repaid as provided herein, at the Borrower end of such Interest Period such Borrowing shall be deemed automatically converted to have selected that an ABR Borrowing or (y) in the case of any Daily Simple SOFR Borrowing, the applicable Interest Payment Date therefor, then, unless such SOFR Borrowing is repaid as provided herein, on the Interest Payment Date therefor, such Borrowing shall be automatically be continued as a SOFR Borrowing and such SOFR Borrowing shall have converted to an Interest Period as contemplated by the definition of the term “Interest Period”ABR Borrowing. Notwithstanding any contrary provision hereof, if (i) an Event of Default (other than one described in Section 11.01(g) or Section 11.01(h)) has occurred and is continuing and the Administrative Agent, acting at the request direction of the Majority Lenders, so notifies has notified the BorrowerBorrower that no conversion of outstanding Borrowings into, or (b) an Event of Default described in Section 11.01(g) or Section 11.01(h) has occurred and is continuing (and without requirement of notice of any kind)continuation as, thenSOFR Borrowings shall be permitted, so long as such Event of Default is continuing: (i) no outstanding Borrowing may be converted to or continued as a Term SOFR Borrowing or a Daily Simple SOFR Borrowing (and any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term SOFR Borrowing or a Daily Simple SOFR Borrowing shall be ineffective) and (ii) unless repaid as provided hereinrepaid, each Term SOFR Borrowing shall automatically be converted to an ABR Borrowing at the end of the Interest Period applicable thereto, and each Daily Simple SOFR Borrowing shall be converted to an ABR Borrowing on the Interest Payment Date therefor.