Common use of Failure to Elect; Events of Default Clause in Contracts

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Borrowing of Eurodollar Loans prior to the end of the Interest Period therefor, then, unless such Borrowing of Eurodollar Loans is repaid or prepaid as provided herein, the Borrower shall be deemed to have selected that such Borrowing of Eurodollar Loans shall automatically be converted to a Borrowing of Base Rate Loans at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders so notifies the Borrower (or, in the case of an Event of Default under Section 7.1(j) or 7.1(k) hereof without notice), then, so long as such Event of Default is continuing (i) no outstanding Borrowing of Eurodollar Loans may be converted to or continued as a Borrowing of Eurodollar Loans and (ii) unless repaid, each Borrowing of Eurodollar Loans shall automatically be converted to an Borrowing of Base Rate Loans at the end of the Interest Period therefor.

Failure to Elect; Events of Default. If the Borrower XL Group fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency Borrowing of Eurodollar Loans prior to the end of the Interest Period therefor, then, unless such Borrowing of Eurodollar Loans is repaid or prepaid as provided herein, the Borrower shall be deemed to have selected that such Borrowing of Eurodollar Loans shall automatically be converted to a Borrowing of Base Rate Loans at the end of such Interest PeriodPeriod such Borrowing shall be converted to an ABR Borrowing or, in the case of a Loan in an Alternative Currency, a Eurocurrency Loan in the same currency with an interest period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent or Agent, at the request of the Required Lenders Lenders, so notifies the Borrower (or, in the case of an Event of Default under Section 7.1(j) or 7.1(k) hereof without notice)XL Group, then, so long as such an Event of Default is continuing (i) no outstanding Borrowing of Eurodollar Loans in Dollars may be converted to or continued as a Borrowing of Eurodollar Loans and Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing of Eurodollar Loans denominated in Dollars shall automatically be converted to an ABR Borrowing of Base Rate Loans at the end of the Interest Period therefortherefor and (iii) any Loan in an Alternative Currency, shall continue as a Eurocurrency Loan in the same currency with an interest period of one month.

Failure to Elect; Events of Default. If Subject to Section 2.01(b), if the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurodollar Rate Borrowing of Eurodollar Loans prior to the end of the Interest Period therefor, then, unless such Eurodollar Rate Borrowing of Eurodollar Loans is repaid or prepaid as provided herein, the Borrower shall be deemed to have selected that such Eurodollar Rate Borrowing of Eurodollar Loans shall automatically be converted to a Borrowing of Base Rate Loans Borrowing at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent or Agent, at the request of the Required Lenders Lenders, so notifies the Borrower (or, in the case of an Event of Default under Section 7.1(j) or 7.1(k) hereof without notice)Borrower, then, so long as such Event of Default is continuing (i) no outstanding Borrowing of Eurodollar Loans may be converted to or continued as a Eurodollar Rate Borrowing of Eurodollar Loans and (ii) unless repaid, each Eurodollar Rate Borrowing of Eurodollar Loans shall automatically be converted to an Borrowing of a Base Rate Loans Borrowing at the end of the Interest Period therefor; provided that if the Administrative Agent has not yet notified the Borrower under Section 2.01(b) that the Base Rate is available, then the rate of interest on such Borrowing shall be the Cost of Funds Rate.

Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurodollar Rate Borrowing of Eurodollar Loans prior to the end of the Interest Period therefor, then, unless such Eurodollar Rate Borrowing of Eurodollar Loans is repaid or prepaid as provided herein, the Borrower shall be deemed to have selected that such Eurodollar Rate Borrowing of Eurodollar Loans shall automatically be converted to a Borrowing of Base Rate Loans Borrowing at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders Lender so notifies the Borrower (or, in the case of an Event of Default under Section 7.1(j) or 7.1(k) hereof without notice)Borrower, then, so long as such Event of Default is continuing (i) no outstanding Borrowing of Eurodollar Loans may be converted to or continued as a Eurodollar Rate Borrowing of Eurodollar Loans and (ii) unless repaid, each Eurodollar Rate Borrowing of Eurodollar Loans shall automatically be converted to an Borrowing of a Base Rate Loans Borrowing at the end of the Interest Period therefor.. SECTION 2.06