Common use of Duration of Interest Periods and Selection of Interest Rates Clause in Contracts

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. Borrower may elect to continue each such LIBOR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rate; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. Borrower may shall elect to continue each such LIBOR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and Borrower shall have the option (i) in the case of any Base Rate Prime Loan, to elect that such Base Rate Prime Loan be converted into become a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into become a Base Rate Prime Loan), in each case by giving written notice of such election to the Administrative Agent by 10:00 a.m. (each a “Notice of Election”Central time) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Domestic Business Day of, in the case of the election of the Adjusted Prime Rate, and by 10:00 a.m. (Central time) at least three (3) Eurodollar Business Days before, in the case of the election of the LIBOR Rate, the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rateif any; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 6 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue renew any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Prime Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election any such notice given by Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time 11:00 a.m. (Central time) on the date of receipt of such notice (which must be a Domestic Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice notice of Election election for a Loan pursuant to this Section 2.04(b2.04(a) as within the applicable time limits specified herein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then Borrower shall be deemed to have selected an elected to pay such Loan in whole pursuant to Section 2.09 on the last day of the current Interest Period with respect thereto and to reborrow the principal amount of such Loan on such date as a duration of one monthPrime Loan. (cb) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. Borrower may shall elect to continue each such LIBOR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and Borrower shall have the option (i) in the case of any Base Rate Prime Loan, to elect that such Base Rate Loan be converted into become a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into become a Base Rate Prime Loan), in each case by giving written notice of such election to the Administrative Agent by 10:00 a.m. (each a “Notice of Election”St. Louis time) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Domestic Business Day of, in the case of the election of the Adjusted Prime Rate, and by 10:00 a.m. (St. Louis time) at least three (3) Eurodollar Business Days before, in the case of the election of the LIBOR Rate, the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rateif any; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue renew any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Prime Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice notice of Election election for a Revolving Credit Loan pursuant to this Section 2.04(bsubsection (a) as above within the applicable time limits specified hereintherein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then Borrower shall be deemed to have selected an elected to pay such Revolving Credit Loan in whole pursuant to Section 2.08 on the last day of the current Interest Period with respect thereto and to reborrow the principal amount of such Revolving Credit Loan on such date as a duration of one monthPrime Loan. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Term SOFR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Term SOFR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The Borrower may elect to continue each such LIBOR Term SOFR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Term SOFR Loan and the interest rate to be applicable during such subsequent Interest Period (and the Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR Term SOFR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Term SOFR Loan, to elect that such LIBOR Term SOFR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 B-2 by 11:00 a.m. Charlotte New York time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte New York time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Adjusted Term SOFR Screen Rate; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Term SOFR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Term SOFR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Term SOFR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Term SOFR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Term SOFR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Term SOFR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), and (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue any LIBOR Term SOFR Loan as a LIBOR Term SOFR Loan or to convert any Base Rate Loan into a LIBOR Term SOFR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Term SOFR Loan, or a continuation of, LIBOR Term SOFR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by the Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte New York time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR Term SOFR Loans, such LIBOR Term SOFR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Term SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans Term SOFR Loan Interest Periods at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The Borrower may elect to continue each such LIBOR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and the Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 B-2 by 11:00 a.m. Charlotte New York time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte New York time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rate; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), and (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by the Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte New York time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. Borrower may shall elect to continue each such LIBOR Loan by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and Borrower shall have the option (i) in the case of any Base Floating Rate Loan, to elect that such Base Rate Loan be converted into become a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into become a Base Floating Rate Loan), in each case by giving written notice of such election to the Administrative Agent by 11:30 a.m. (each a “Notice of Election”St. Louis time) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Domestic Business Day of, in the case of the election of the Floating Rate, and by 11:30 a.m. (St. Louis time) at least three (3) Eurodollar Business Days before, in the case of the election of the LIBOR Rate, the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rateif any; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue renew any LIBOR Loan as a LIBOR Loan or to convert any Base Floating Rate Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice notice of Election election for a Revolving Credit Loan pursuant to this Section 2.04(bsubsection (a) as above within the applicable time limits specified hereintherein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then Borrower shall be deemed to have selected an elected to pay such Revolving Credit Loan in whole pursuant to Section 2.08 on the last day of the current Interest Period with respect thereto and to reborrow the principal amount of such Revolving Credit Loan on such date as a duration of one monthFloating Rate Loan. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR SOFR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR SOFR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The applicable Borrower may elect to continue each such LIBOR SOFR Loan made to it by selecting the duration of each subsequent Interest Period applicable to such LIBOR SOFR Loan and the interest rate to be applicable during such subsequent Interest Period (and such Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR SOFR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR SOFR Loan, to elect that such LIBOR SOFR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte Xxxxxxxxx time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR RateAdjusted Term SOFR; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR SOFR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR SOFR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR SOFR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR SOFR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR SOFR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuingcontinuing with respect to any Borrower, such Borrower shall not be permitted to continue any LIBOR SOFR Loan as a LIBOR SOFR Loan or to convert any Base Rate Loan into a LIBOR SOFR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR SOFR Loan, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by the applicable Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte Xxxxxxxxx time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR SOFR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) No Borrower may not have outstanding and the Banks shall not be obligated to make to any Borrower more than eight (8) LIBOR SOFR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The applicable Borrower may elect to continue each such LIBOR Loan made to it by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and such Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rate; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to continue any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) Borrower may not have outstanding and the Banks shall not be obligated to make more than eight (8) LIBOR Loans at any one time.and

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The applicable Borrower may elect to continue each such LIBOR Loan made to it by selecting the duration of each subsequent Interest Period applicable to such LIBOR Loan and the interest rate to be applicable during such subsequent Interest Period (and such Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR Loan, to elect that such LIBOR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR Rate; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuingcontinuing with respect to any Borrower, such Borrower shall not be permitted to continue any LIBOR Loan as a LIBOR Loan or to convert any Base Rate Loan into a LIBOR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR Loan, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by the applicable Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) No Borrower may not have outstanding and the Banks shall not be obligated to make to any Borrower more than eight (8) LIBOR Loans at any one time.

Duration of Interest Periods and Selection of Interest Rates. (a) The duration of the initial Interest Period for each LIBOR SOFR Loan shall be as specified in the applicable Notice of Borrowing; provided, all LIBOR SOFR Loans comprising a single borrowing must at all times have the same Interest Period. More than one borrowing may be made on the same Business Day. The applicable Borrower may elect to continue each such LIBOR SOFR Loan made to it by selecting the duration of each subsequent Interest Period applicable to such LIBOR SOFR Loan and the interest rate to be applicable during such subsequent Interest Period (and such Borrower shall have the option (i) in the case of any Base Rate Loan, to elect that such Base Rate Loan be converted into a LIBOR SOFR Loan and the Interest Period to be applicable thereto, and (ii) in the case of any LIBOR SOFR Loan, to elect that such LIBOR SOFR Loan be converted into a Base Rate Loan), in each case by giving written notice of such election to the Administrative Agent (each a “Notice of Election”) substantially the form of Exhibit B-3 by 11:00 a.m. Charlotte time on the Business Day of the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the Adjusted Base Rate, and by 11:00 a.m. Charlotte time at least three (3) Business Days before the end of the immediately preceding Interest Period applicable thereto, in the case of the election of the LIBOR RateAdjusted Term SOFR; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of the Administrative Agent and the Banks under Section 7 hereof, (A) any such election that LIBOR SOFR Loans be converted into Base Rate Loans shall involve an aggregate principal amount of not less than $500,000; any such election that Base Rate Loans be converted into, or any continuation of, LIBOR SOFR Loans shall involve an aggregate principal amount of not less than $2,500,000; and no partial conversion of LIBOR SOFR Loans made pursuant to a single borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $2,500,000, (B) except as otherwise provided in Section 2.12, LIBOR SOFR Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR SOFR Loan is converted into a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under Section 2.10 to be paid as a consequence thereof), (C) no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (D) so long as any Default or Event of Default under this Agreement has occurred and is continuingcontinuing with respect to any Borrower, such Borrower shall not be permitted to continue any LIBOR SOFR Loan as a LIBOR SOFR Loan or to convert any Base Rate Loan into a LIBOR SOFR Loan. (b) Each Notice of Election shall specify (i) the date of such election (which shall be a Business Day), (ii) in the case of an election that a Base Rate Loan be converted into a LIBOR SOFR Loan, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (iii) the aggregate amount and Type of the Loans being converted or continued. Upon receipt of a Notice of Election by the applicable Borrower to the Administrative Agent under this Section 2.04, the Administrative Agent shall notify each Bank by 12:00 p.m. Charlotte time on the date of receipt of such notice (which must be a Business Day) of the contents thereof. If the Administrative Agent does not receive a Notice of Election for a Loan pursuant to this Section 2.04(b) as specified herein, with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted into Base Rate Loans upon the expiration of the current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Election the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR SOFR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) No Borrower may not have outstanding and the Banks shall not be obligated to make to any Borrower more than eight (8) LIBOR SOFR Loans at any one time.