Common use of Continuation Option Clause in Contracts

Continuation Option. (a) [Reserved]. (b) Any Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving irrevocable notice of a continuation request in the form of Exhibit I hereto to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, such notice to be signed by a Financial Officer and delivered per both fax and e-mail in accordance with Section 11.2 and received by the Administrative Agent prior to 7:00 P.M., Pacific Standard Time on the Business Day prior to the expiry of the then current Interest Period; provided that no Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuations, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso then the Borrower shall be deemed to have submitted a continuation request for a new Interest Period of one week and the relevant Loan shall be continued for a period of one week at the corresponding Eurodollar Rate upon the expiration of the then current Interest Period and, unless the required notice of continuation is given prior to the expiration of such one week period in accordance with this paragraph, shall be due and payable on the last day of such one week period. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof.