Base Rate Borrowing Tranches Clause Samples

Base Rate Borrowing Tranches. The net spread (the "Net Spread") applicable for any Base Rate Borrowing Tranche on or before the third anniversary of the Closing Date shall be as set forth in Schedule 3.2. On and after the third anniversary of the Closing Date, the Net Spread applicable for any Base Rate Borrowing Tranche shall be redetermined by Lender in its sole discretion and communicated to Borrower in writing at least thirty-five (35) days prior to the third anniversary of the Closing Date (provided, that Lender will communicate indicative (but not final) Net Spreads at least forty-five (45) days prior to the third anniversary of the Closing Date). Lender and Borrower shall evidence the new applicable Net Spread pursuant to this Section 2.4.6.2 by executing a Net Spread confirmation substantially in the form attached hereto as Schedule 2.4.6.2 (provided, that Borrower's failure to deliver thirty (30) days advance written Notice of its election to exercise the Revolving Credit Note Re-pricing Termination Option pursuant to Section 2.13.2 shall be deemed to be Borrower's acceptance of the new applicable Net Spread pursuant to this Section 2.4.6.2