Borrower may deliver a LIBOR Election Notice to Lender requesting that the Advance requested by Borrower in any Disbursement Request be a LIBOR Rate Advance and identifying the Interest Period which is to apply to such Advance. Each LIBOR Election Notice shall be sent to Lender by first class U.S. mail, personal delivery, messenger, email or by telecopier. If Lender receives such LIBOR Election Notice no later than 9:00 a.m. Los Angeles time at least three (3) LIBOR Business Days before the date funds are to be drawn down (which date shall be a LIBOR Business Day), Lender shall, subject to Section 2.5(b) of this Agreement, treat the Disbursement Request with respect to such Advance as a request for a LIBOR Rate Advance. In all other cases, such Disbursement Request shall be deemed a request for a Prime Rate Advance.