Common use of Interest Rate Basis Clause in Contracts

Interest Rate Basis. If the Borrower fails to give Lender timely notice of its selection of a LIBO Rate Basis, or if for any reason a determination of LIBO Rate Basis for any Advance is not timely concluded, the Offered Rate Basis shall apply to such Advance, and if the Borrower shall fail to elect to reborrow any LIBO Rate Advance then outstanding prior to the last day of the applicable Interest Period by the notice period required in Section 2.1(F), the Offered Rate Basis shall apply to such Advance commencing on and after such date, with each such Offered Rate Advance having an Interest Period of one Business Day.