Common use of Discount Rate Options Clause in Contracts

Discount Rate Options. The Seller shall pay Discount in respect of the Aggregate Investment as selected by it from the applicable Discount Rate Options specified below applicable to the Investments (other than CP Rate Investments), respectively, it being understood that, subject to the provisions of this Agreement, the Seller may select different Discount Rate Options to apply simultaneously to the Investments comprising different Portions of Investment and may convert to or renew one or more Discount Rate Options with respect to all or any portion of the Investments comprising different Portions of Investment; provided that (i) there shall not be at any one time outstanding more than 5 (five) Portions of Investment; and (ii) the Discount Rate for any CP Rate Investment shall at all times be determined pursuant to the definition of Discount Rate notwithstanding any otherwise applicable election by the Seller; provided further that if an Termination Event or Unmatured Termination Event exists and is continuing, the Seller may not request, convert to or renew any Term Rate Investment Option or Daily Resetting SOFR Option for any Investments and the Majority Purchasers may demand that all existing Portions of Investment accruing Discount under a Term Rate Investment Option, Daily Resetting SOFR Option or Daily Simple SOFR shall be converted immediately to the Base Rate Option, subject to the obligation of the Seller to pay any Termination Fees in connection with such conversion. If at any time the designated rate applicable to any Investment made by any Purchaser exceeds such Purchaser’s highest lawful rate, the Discount Rate Option on such Purchaser’s Investments shall be limited to such Purchaser’s highest lawful rate. The applicable Base Rate, SOFR Rate, or Daily Resetting SOFR shall be determined by the Administrator, and such determination shall be conclusive absent manifest error.

Discount Rate Options. The Seller shall pay Discount in respect of the Aggregate Investment as selected by it from the applicable Discount Rate Options specified below applicable to the Investments (other than CP Rate Investments), respectively, it being understood that, subject to the provisions of this Agreement, the Seller may select different Discount Rate Options to apply simultaneously to the Investments comprising different Portions of Investment and may convert to or renew one or more Discount Rate Options with respect to all or any portion of the Investments comprising different Portions of Investment; provided that (i) there shall not be at any one time outstanding more than 5 (five) Portions of Investment; and (ii) the Discount Rate for any CP Rate Investment shall at all times be determined pursuant to the definition of Discount Rate notwithstanding any otherwise applicable election by the Seller; provided further that if an Termination Event or Unmatured Termination Event exists and is continuing, the Seller may not request, convert to or renew any Term Rate Investment Option or Daily Resetting SOFR Option for any Investments and the Majority Purchasers may demand that all existing Portions of Investment accruing Discount under a Term Rate Investment Option, Daily Resetting SOFR Option or Daily Simple SOFR shall be converted immediately to the Base Rate Option, subject to the obligation of the Seller to pay any Termination Fees in connection with such conversion. If at any time the designated rate applicable to any Investment made by any Purchaser exceeds such Purchaser’s highest lawful rate, the Discount Rate Option on such Purchaser’s Investments shall be limited to such Purchaser’s highest lawful rate. The applicable Base Rate, SOFR Rate, or Daily Resetting SOFR shall be determined by the Administrator, and such determination shall be conclusive absent manifest error.

Discount Rate Options. The Seller shall pay Discount in respect of the Aggregate Investment as selected by it from the applicable Discount Rate Options specified below applicable to the Investments (other than CP Rate Investments), respectively, it being understood that, subject to the provisions of this Agreement, the Seller may select different Discount Rate Options to apply simultaneously to the Investments comprising different Portions of Investment and may convert to or renew one or more Discount Rate Options with respect to all or any portion of the Investments comprising different Portions of Investment; provided that (i) there shall not be at any one time outstanding more than 5 (five) Portions of Investment; and (ii) the Discount Rate for any CP Rate Investment shall at all times be determined pursuant to the definition of Discount Rate notwithstanding any otherwise applicable election by the Seller; provided further that if an Termination Event or Unmatured Termination Event exists and is continuing, the Seller may not request, convert to or renew any Term Rate Investment Option, or Daily Resetting SOFR Option or Daily Resetting Simple SOFR Option for any Investments and the Majority Purchasers may demand that all existing Portions of Investment accruing Discount under a Term Rate Investment Option, Daily Resetting SOFR Option or Daily Simple SOFR shall be converted immediately to the Base Rate Option, subject to the obligation of the Seller to pay any Termination Fees in connection with such conversion. If at any time the designated rate applicable to any Investment made by any Purchaser exceeds such Purchaser’s highest lawful rate, the Discount Rate Option on such Purchaser’s Investments shall be limited to such Purchaser’s highest lawful rate. The applicable Base Rate, SOFR Rate, or Daily Resetting SOFR or Daily Simple SOFR shall be determined by the Administrator, and such determination shall be conclusive absent manifest error.

Discount Rate Options. The Seller shall pay Discount in respect of the Aggregate Investment as selected by it from the applicable Discount Rate Options specified below applicable to the Investments (other than CP Rate Investments), respectively, it being understood that, subject to the provisions of this Agreement, the Seller may select different Discount Rate Options to apply simultaneously to the Investments comprising different Portions of Investment and may convert to or renew one or more Discount Rate Options with respect to all or any portion of the Investments comprising different Portions of Investment; provided that (i) there shall not be at any one time outstanding more than 5 (five) Portions of Investment; and (ii) the Discount Rate for any CP Rate Investment shall at all times be determined pursuant to the definition of Discount Rate notwithstanding any otherwise applicable election by the Seller; provided further that if an Termination Event or Unmatured Termination Event exists and is continuing, the Seller may not request, convert to or renew any Term Rate Investment Option, Daily Resetting SOFR Option or Daily Resetting Simple SOFR Option for any Investments and the Majority Purchasers may demand that all existing Portions of Investment accruing Discount under a Term Rate Investment Option, Daily Resetting SOFR Option or Daily Simple SOFR shall be converted immediately to the Base Rate Option, subject to the obligation of the Seller to pay any Termination Fees in connection with such conversion. If at any time the designated rate applicable to any Investment made by any Purchaser exceeds such Purchaser’s highest lawful rate, the Discount Rate Option on such Purchaser’s Investments shall be limited to such Purchaser’s highest lawful rate. The applicable Base Rate, SOFR Rate, Daily Resetting SOFR or Daily Resetting Simple SOFR shall be determined by the Administrator, and such determination shall be conclusive absent manifest error.