The /ELSE compiler directive is used to unconditionally select source lines to be read following a failed /IF or /ELSEIF test.
In fixed-form, /ELSE must begin in column 7. 
/ELSE can be specified within
any free-form statement other than a free-form calculation statement.
Within free-form statements, /ELSE can begin in
column 8 or later.
See Conditional Directives Within a Free-Form Statement. 
The remainder of the line containing /ELSE must be blank. 
If the previous /IF or /ELSEIF was not satisfied, source lines are selected until the next /ENDIF.
If the previous /IF or /ELSEIF was satisfied, source lines are excluded until the next /ENDIF.