Common use of Election of Floating Rate Clause in Contracts

Election of Floating Rate. (a) By written notice to the Facility Agent delivered prior to the earlier of (i) 5 days from the date of execution of this Agreement and (ii) 5 Business Days prior to the Initial Borrowing Date, the Borrower may elect, without incurring any liability to make any payment pursuant to Section 2.10 or to pay any other indemnity or compensation obligation, to pay interest on the Loans at the Floating Rate. (b) Any election made pursuant to this Section 2.07 may only be made once during the term of the Loans. (c) This Section 2.07 shall not apply to Deferred Loans (in respect of which the Floating Rate shall always apply).