Common use of If No Notice Clause in Contracts

If No Notice. If Borrower fails to timely select an interest rate option in accordance with the foregoing prior to a new Loan or as to an expiring Interest Period of an outstanding LIBOR Loan, then such new Loan and/or such outstanding LIBOR Loan shall be deemed converted to a LIBOR Loan with an Interest Period of one (1) month; provided, however, if a LIBOR Loan is not then available, any such new Loan shall be deemed to be a Variable Rate Loan, and on the last day of the applicable Interest Period of any such outstanding LIBOR Loan all outstanding principal amounts thereon shall be deemed converted to a Variable Rate Loan.