Loss of Contacts

[rcooks]

During our recent basketball clinic we fell into the discussion about loss of contacts.
Situation: Player A1 lost a contact during the game. Team A is losing, there is only 1:30 left on the clock. Team A has one timeout remaining. After the player announces the lost contact to the official, the official suspends play. The official checks the book to see if the player was identfied, as a contact wearer; he was not.
Issue: Does the Officail take the last timeout?