Daily 1M SOFR Option. In the case of Daily 1M SOFR Loans, a fluctuating rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to Daily 1M SOFR, such interest rate to change automatically from time to time effective as of the effective date of each change in the SOFR Rate; provided, that, until such time as the Administrative Agent and each Lender otherwise agree in writing or such Loans are converted to Base Rate Loans or a Benchmark Replacement in accordance with the terms of this Agreement, the Borrower shall be deemed to have made the following selections: (x) with respect to the principal amount of the Loans up to the Minimum Funding Threshold as of the most recent Settlement Date, the SOFR Rate Option with a Tranche Period of one month, (y) with respect to the principal amount of Loans, if any, held by PNC in excess of its Percentage of the Minimum Funding Threshold, Daily 1M SOFR Option and (z) with respect to the principal amount of Loans, if any, held by any other Lender in excess of its Percentage of the Minimum Funding Threshold, the Daily Simple SOFR Option.
