Committed Lender Interest Rates Clause Samples

Committed Lender Interest Rates. (a) So long as no Event of Default is continuing, the Borrower may, by written notice to the Administrative Agent, elect for all or any portion of the Aggregate Principal funded by the Committed Lenders to accrue interest by reference to the Term SOFR Rate (rather than Daily 1M SOFR) or any other Interest Rate Option (including Daily 1M SOFR) during any Interest Accrual Period. Any such notice must specify the amount of the Aggregate Principal subject of such election and must be delivered not later than two (2) Business Days prior to the first day of the affected Interest Accrual Period. Any such portion of the Aggregate Principal that is subject to such an election shall be apportioned among the respective Lenders’ Principal ratably. Notwithstanding the foregoing, (x) the Borrower shall not make such an election if, as a result thereof, more than ten Borrowing Tranches would exist and (y) each Borrowing Tranche for Loans accruing interest by reference to the Term SOFR Rate shall be not be less than $1,000,000 and shall be an integral multiple of $100,000. For the avoidance of doubt, if an Event of Default is then continuing, the Interest for any Loan (and any portion thereof) shall calculated by reference to the Default Rate notwithstanding any otherwise applicable election by the Borrower. (b) The Borrower may call the Administrative Agent on or before the date on which a notice under clause (a) above is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.

Committed Lender Interest Rates. Borrower may select the LIBO Rate, the Adjusted Federal Funds Rate or the Alternate Base Rate and agreed to by the related Co-Agent for each Loan of each Unaffiliated Committed Lender and each Liquidity Funding. Borrower shall by 12:00 noon (New York City time): (i) at least three (3) Business Days prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is being requested as the Interest Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Alternate Base Rate or the Adjusted Federal Funds Rate is being requested as a new Interest Rate, give the Co-Agent irrevocable notice of the applicable Interest Rate for the Loan or Liquidity Funding associated with such Terminating Tranche. Until Borrower gives notice of another Interest Rate, the initial Interest Rate for any Loan transferred by a Conduit to the Committed Lenders in its Conduit Group pursuant to its Liquidity Agreement shall be the Adjusted Federal Funds Rate (unless the Default Rate is then applicable).