Common use of Interest Rate Election Clause in Contracts

Interest Rate Election. (i) Each Advance initially shall be of the Type specified in the applicable request for Advance made in accordance with Section 2.2(a) and, if applicable, shall have an initial Interest Period as specified in such Advance request. Thereafter, any Borrower may elect to convert such Advance to a different Type (to the extent available for the Type of Advance) or to continue such Advance and, in the case of an Advance of Contract Rate Loans of any Type, may elect Interest Periods therefor, all as provided herein. Any Borrower (or the Borrower Representative on behalf of such Borrower) may elect different options with respect to different portions of the affected Advance, and the Loans comprising each such portion shall be considered a separate Advance. This Section shall not apply to Swingline Loans or Special Advances, which may not be so converted or continued. Interest on Contract Rate Loans (including LIBOR Rate Loans and BA Rate Loans as described above) shall be payable on the Interest Payment applicable thereto. (ii) To make an election pursuant to this Section, any Borrower (or the Borrower Representative on behalf of such Borrower) shall notify the Administrative Agent in writing of such election by the time that an Advance request would be required under Section 2.2 if any Borrower (or the Borrower Representative on behalf of such Borrower) was requesting an Advance of Loans of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. At the Administrative Agent’s election, in lieu of giving an Interest Election Request in writing, any Responsible Officer may give the Administrative Agent telephonic notice of such Interest Election Request. In such circumstance, any Borrower (or the Borrower Representative on behalf of such Borrower) agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of such request. (iii) Each telephonic and written Interest Election Request shall specify the following information: (A) the Advance to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Advance (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Advance); (B) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (C) the Applicable Currency for the requested Advance and whether the requested Advance is a U.S. Advance or a Canadian Advance; and (D) if the resulting Advance is comprised of Contract Rate Loans, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests an Advance of Contract Rate Loans, but does not specify an Interest Period, then the Appropriate Borrowers shall be deemed to have selected an Interest Period of one month’s duration (or 30 days’ duration in the case of BA Rate Loans). (iv) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Appropriate Lender of the details thereof and of such Appropriate Lender’s portion of each resulting Advance. (v) If any Borrower (or the Borrower Representative on behalf of such Borrower) fails to deliver a timely Interest Election Request with respect to a Contract Rate Loan prior to the end of the Interest Period applicable thereto, then, unless, such Advance is repaid as provided herein, at the end of such Interest Period, (i) if such Loan is a LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers, such Loan shall be converted to a U.S. Base Rate Loan or a Canadian Base Rate Loan, as applicable, (ii) if such Loan is a BA Rate Loan, such Loan shall be converted to a Canadian Prime Rate Loan, and (iii) if such Loan is any other Type of Contract Rate Loan, such Loan shall be converted (or continued, as applicable) into a Loan of the same Type with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower Representative, then (A) no outstanding Advance of LIBOR Rate Loans for the account of the U.S. Borrowers or the Canadian Borrowers may be converted to or continued as LIBOR Rate Loans, (B) no Advance denominated in U.S. Dollars for the account of the U.S. Borrowers or the Canadian Borrowers may be made as LIBOR Rate Loans, (C) no outstanding Advance of BA Rate Loans for the account of the Canadian Borrowers may be converted to or continued as BA Rate Loans, (D) no Advance denominated in Canadian Dollars for the account of the Canadian Borrowers may be made as BA Rate Loans, and (D) unless repaid, (1) each LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers shall be converted to a U.S. Base Rate Loan or Canadian Base Rate Loan, as applicable, at the end of the Interest Period applicable thereto, (2) each BA Rate Loan shall be converted to a Canadian Prime Rate Loan as the end of the Interest Period applicable thereto, and (3) each other Contract Rate Loan shall be continued as a Loan of the same Type with an Interest Period of one month. (vi) Unless the Administrative Agent, in its sole discretion, agrees otherwise, the Borrowers shall have not more than 10 Contract Rate Loans of any Type in effect under the U.S. Facility and 5 Contract Rate Loans of any Type in effect under the Canadian Facility at any given time. The Borrowers only may make an Interest Election Request for any proposed Contract Rate Loan of at least $1,000,000 or Cdn$1,000,000, as applicable.

Interest Rate Election. (i) Each Advance initially shall be of the Type specified in the applicable request for Advance made in accordance with Section 2.2(a) and, if applicable, shall have an initial Interest Period as specified in such Advance request. Thereafter, any Borrower may elect to convert such Advance to a different Type (to the extent available for the Type of Advance) or to continue such Advance and, in the case of an Advance of Contract Rate Loans of any Type, may elect Interest Periods therefor, all as provided herein. Any Borrower (or the Borrower Representative on behalf of such Borrower) may elect different options with respect to different portions of the affected Advance, and the Loans comprising each such portion shall be considered a separate Advance. This Section shall not apply to Swingline Loans or Special Advances, which may not be so converted or continued. Interest on Contract Rate Loans (including LIBOR Rate Loans and BA Rate Loans as described above) shall be payable on the Interest Payment Dates applicable thereto. (ii) To make an election pursuant to this Section, any Borrower (or the Borrower Representative on behalf of such Borrower) shall notify the Administrative Agent in writing of such election by the time that an Advance request would be required under Section 2.2 if any Borrower (or the Borrower Representative on behalf of such Borrower) was requesting an Advance of Loans of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. At the Administrative Agent’s election, in lieu of giving an Interest Election Request in writing, any Responsible Officer may give the Administrative Agent telephonic notice of such Interest Election Request. In such circumstance, any Borrower (or the Borrower Representative on behalf of such Borrower) agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of such request. (iii) Each telephonic and written Interest Election Request shall specify the following information: (A) the Advance to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Advance (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Advance); (B) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (C) the Applicable Currency for the requested Advance and whether the requested Advance is a U.S. Advance or a Canadian Advance; and (D) if the resulting Advance is comprised of Contract Rate Loans, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests an Advance of Contract Rate Loans, but does not specify an Interest Period, then the Appropriate Borrowers shall be deemed to have selected an Interest Period of one month’s duration (or 30 days’ duration in the case of BA Rate Loans). (iv) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Appropriate Lender of the details thereof and of such Appropriate Lender’s portion of each resulting Advance. (v) If any Borrower (or the Borrower Representative on behalf of such Borrower) fails to deliver a timely Interest Election Request with respect to a Contract Rate Loan prior to the end of the Interest Period applicable thereto, then, unless, such Advance is repaid as provided herein, at the end of such Interest Period, (i) if such Loan is a LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers, such Loan shall be converted to a U.S. Base Rate Loan or a Canadian Base Rate Loan, as applicable, (ii) if such Loan is a BA Rate Loan, such Loan shall be converted to a Canadian Prime Rate Loan, and (iii) if such Loan is any other Type of Contract Rate Loan, such Loan shall be converted (or continued, as applicable) into a Loan of the same Type with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower Representative, then (A) no outstanding Advance of LIBOR Rate Loans for the account of the U.S. Borrowers or the Canadian Borrowers may be converted to or continued as LIBOR Rate Loans, (B) no Advance denominated in U.S. Dollars for the account of the U.S. Borrowers or the Canadian Borrowers may be made as LIBOR Rate Loans, (C) no outstanding Advance of BA Rate Loans for the account of the Canadian Borrowers may be converted to or continued as BA Rate Loans, (D) no Advance denominated in Canadian Dollars for the account of the Canadian Borrowers may be made as BA Rate Loans, and (D) unless repaid, (1) each LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers shall be converted to a U.S. Base Rate Loan or Canadian Base Rate Loan, as applicable, at the end of the Interest Period applicable thereto, (2) each BA Rate Loan shall be converted to a Canadian Prime Rate Loan as the end of the Interest Period applicable thereto, and (3) each other Contract Rate Loan shall be continued as a Loan of the same Type with an Interest Period of one month. (vi) Unless the Administrative Agent, in its sole discretion, agrees otherwise, the Borrowers shall have not more than 10 Contract Rate Loans of any Type in effect under the U.S. Facility and 5 Contract Rate Loans of any Type in effect under the Canadian Facility at any given time. The Borrowers only may make an Interest Election Request for any proposed Contract Rate Loan of at least $1,000,000 or Cdn$1,000,000, as applicable.

Interest Rate Election. (ia) Each Advance Borrowing of Loans initially shall be of the Type specified in the applicable request for Advance Borrowing made in accordance with Section 2.2(a2.3(c) and, if applicable, shall have an initial Interest Period as specified in such Advance Borrowing request. Thereafter, any the Borrower may elect to convert such Advance Borrowing to a different Type (to the extent available for the Type of Advance) or to continue such Advance Borrowing and, in the case of an Advance a Borrowing of Contract European Denominated Loans or LIBOR Rate Loans of any TypeLoans, may elect Interest Periods therefor, all as provided herein. Any Borrower (or the Borrower Representative on behalf of such Borrower) may elect different options with respect to different portions of the affected AdvanceBorrowing, and the Loans comprising each such portion shall be considered a separate AdvanceBorrowing. This Section shall not apply to Swingline Loans or Special Extraordinary Advances, which may not be so converted or continued. Interest on Contract Rate Loans (including LIBOR Rate Loans and BA Rate Loans as described above) shall be payable on the Interest Payment applicable thereto. (iib) To make an election pursuant to this Section, any Borrower (or the Borrower Representative on behalf of such Borrower) shall notify the Administrative Agent in writing of such election by the time that an Advance a Borrowing request would be required under Section 2.2 2.3 if any Borrower (or the Borrower Representative on behalf of such Borrower) was requesting an Advance a Borrowing of Loans of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. At the Administrative Agent’s election, in lieu of giving an Interest Election Request in writing, any Responsible Officer Authorized Person may give the Administrative Agent telephonic notice of such Interest Election Request. In such circumstance, any Borrower (or the Borrower Representative on behalf of such Borrower) agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of such request. (iiic) Each telephonic and written Interest Election Request shall specify the following information: (Ai) the Advance Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Advance Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting AdvanceBorrowing); (Bii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (Ciii) the Applicable Currency for the requested Advance and whether the requested Advance resulting Borrowing is to be a U.S. Advance Borrowing of a Dollar Denominated Loan, a Euro Denominated Loan or a Canadian AdvanceSterling Denominated Loan; and (Div) if the resulting Advance Borrowing is comprised a Borrowing of Contract a LIBOR Rate LoansLoan or a European Denominated Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests an Advance a Borrowing of Contract a LIBOR Rate LoansLoan or a European Denominated Loan, but does not specify an Interest Period, then the Appropriate Borrowers Borrower shall be deemed to have selected an Interest Period of one month’s duration (or 30 days’ duration in the case of BA Rate Loans)duration. (ivd) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Appropriate Lender of the details thereof and of such Appropriate Lender’s portion of each resulting AdvanceBorrowing. (ve) If any Borrower (or the Borrower Representative on behalf of such Borrower) fails to deliver a timely Interest Election Request with respect to a Contract LIBOR Rate Loan or a European Denominated Loan prior to the end of the Interest Period applicable thereto, then, unless, such Advance Borrowing is repaid as provided herein, at the end of such Interest Period, (i) if such Loan is a LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian BorrowersLoan, such Loan shall be converted to a U.S. Base Rate Loan or a Canadian Base Rate Loan, as applicable, (ii) if such Loan is a BA Rate Euro Denominated Loan, such Loan shall be converted to continued as a Canadian Prime Rate Loan, Euro Denominated Loan with an Interest Period of one month and (iii) if such Loan is any other Type of Contract Rate a Sterling Denominated Loan, such Loan shall be converted (or continued, continued as applicable) into a Sterling Denominated Loan of the same Type with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the (unless Borrower Representative, has received a notice from Agent (which notice Agent may elect to give or not give in its discretion) then (A) no outstanding Advance Borrowing of LIBOR Rate Dollar Denominated Loans for the account of the U.S. Borrowers or the Canadian Borrowers may be converted to or continued as a LIBOR Rate LoansLoan or a European Denominated Loan, (B) no Advance denominated in U.S. Dollars for the account Borrowing of the U.S. Borrowers or the Canadian Borrowers a Dollar Denominated Loan may be made as a LIBOR Rate Loans, Loan and (C) no outstanding Advance of BA Rate Loans for the account of the Canadian Borrowers may be converted to or continued as BA Rate Loans, (D) no Advance denominated in Canadian Dollars for the account of the Canadian Borrowers may be made as BA Rate Loans, and (D) unless repaid, (1) each LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers shall be converted to a U.S. Base Rate Loan or Canadian Base Rate Loan, as applicable, at the end of the Interest Period applicable thereto, (2) each BA Rate Loan shall be converted to a Canadian Prime Rate Loan as the end of the Interest Period applicable thereto, and (3) each other Contract Rate Euro Denominated Loan shall be continued as a Euro Denominated Loan with an Interest Period of the same Type one month and (3) each Sterling Denominated Loan shall be continued as a Sterling Denominated Loan with an Interest Period of one month. (vif) In connection with each LIBOR Rate Loan or European Denominated Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the payment of any principal of any LIBOR Rate Loan or European Denominated Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan or European Denominated Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Borrower setting forth in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error. Borrower shall pay such amount to Agent or the Lender, as applicable, within 30 days of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan or European Denominated Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of Borrower, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan or European Denominated Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan or European Denominated Loan and that, in the event that Agent does not defer such application, Borrower shall be obligated to pay any resulting Funding Losses. (i) Unless the Administrative Agent, in its sole discretion, agrees otherwise, the Borrowers Borrower shall have not more than 10 Contract 5 LIBOR Rate Loans of any Type and European Denominated Loans in effect under the U.S. Facility and 5 Contract Rate Loans of any Type in effect under the Canadian Facility at any given time. The Borrowers Borrower only may make an Interest Election Request exercise the LIBOR Option for any proposed Contract LIBOR Rate Loan Loans or European Denominated Loans of at least $1,000,000 or Cdn$1,000,000, as applicable1,000,000.

Interest Rate Election. (ia) Each Advance Borrowing of Loans initially shall be of the Type specified in the applicable request for Advance Borrowing made in accordance with Section 2.2(a2.3(c) and, if applicable, shall have an initial Interest Period as specified in such Advance Borrowing request. Thereafter, any the Borrower may elect to convert such Advance Borrowing to a different Type (to the extent available for the Type of Advance) or to continue such Advance Borrowing and, in the case of an Advance a Borrowing of Contract European Denominated Loans or LIBOR Rate Loans of any TypeLoans, may elect Interest Periods therefor, all as provided herein. Any Borrower (or the Administrative Borrower Representative on behalf of such Borrower) may elect different options with respect to different portions of the affected AdvanceBorrowing, and the Loans comprising each such portion shall be considered a separate AdvanceBorrowing. This Section shall not apply to Swingline Loans or Special Extraordinary Advances, which may not be so converted or continued. Interest on Contract Rate Loans (including LIBOR Rate Loans and BA Rate Loans as described above) shall be payable on the Interest Payment applicable thereto. (iib) To make an election pursuant to this Section, any Borrower (or the Administrative Borrower Representative on behalf of such Borrower) shall notify the Administrative Agent in writing of such election by the time that an Advance a Borrowing request would be required under Section 2.2 2.3 if any Borrower (or the Administrative Borrower Representative on behalf of such Borrower) was requesting an Advance a Borrowing of Loans of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. At the Administrative Agent’s election, in lieu of giving an Interest Rate Election Request in writing, any Responsible Officer Authorized Person may give the Administrative Agent telephonic notice of such Interest Election RequestRate Election. In such circumstance, any Borrower (or the Administrative Borrower Representative on behalf of such Borrower) agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of such request. (iiic) Each telephonic and written Interest Election Request shall specify the following information: (Ai) the Advance Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Advance Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting AdvanceBorrowing); (Bii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (Ciii) the Applicable Currency for the requested Advance and whether the requested Advance resulting Borrowing is to be a U.S. Advance Borrowing of a Dollar Denominated Loan, a Euro Denominated Loan or a Canadian AdvanceSterling Denominated Loan; and (Div) if the resulting Advance Borrowing is comprised a Borrowing of Contract a LIBOR Rate LoansLoan or a European Denominated Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election Request requests an Advance a Borrowing of Contract a LIBOR Rate LoansLoan or a European Denominated Loan, but does not specify an Interest Period, then the Appropriate Borrowers shall be deemed to have selected an Interest Period of one month’s duration (or 30 days’ duration in the case of BA Rate Loans)duration. (ivd) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Appropriate Lender of the details thereof and of such Appropriate Lender’s portion of each resulting AdvanceBorrowing. (ve) If any Borrower (or the Administrative Borrower Representative on behalf of such Borrower) fails to deliver a timely Interest Election Request with respect to a Contract LIBOR Rate Loan or a European Denominated Loan prior to the end of the Interest Period applicable thereto, then, unless, such Advance Borrowing is repaid as provided herein, at the end of such Interest Period, (i) if such Loan is a LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian BorrowersLoan, such Loan shall be converted to a U.S. Base Rate Loan or a Canadian Base Rate Loan, as applicable, (ii) if such Loan is a BA Rate Euro Denominated Loan, such Loan shall be converted to continued as a Canadian Prime Rate Loan, Euro Denominated Loan with an Interest Period of one month and (iii) if such Loan is any other Type of Contract Rate a Sterling Denominated Loan, such Loan shall be converted (or continued, continued as applicable) into a Sterling Denominated Loan of the same Type with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower RepresentativeAdministrative Borrower, then (A) no outstanding Advance Borrowing of LIBOR Rate Dollar Denominated Loans for the account of the U.S. Borrowers or the Canadian Borrowers may be converted to or continued as a LIBOR Rate LoansLoan or a European Denominated Loan, (B) no Advance denominated in U.S. Dollars for the account Borrowing of the U.S. Borrowers or the Canadian Borrowers a Dollar Denominated Loan may be made as a LIBOR Rate Loans, Loan and (C) no outstanding Advance of BA Rate Loans for the account of the Canadian Borrowers may be converted to or continued as BA Rate Loans, (D) no Advance denominated in Canadian Dollars for the account of the Canadian Borrowers may be made as BA Rate Loans, and (D) unless repaid, (1) each LIBOR Rate Loan for the account of the U.S. Borrowers or the Canadian Borrowers shall be converted to a U.S. Base Rate Loan or Canadian Base Rate Loan, as applicable, at the end of the Interest Period applicable thereto, (2) each BA Rate Euro Denominated Loan shall be converted to continued as a Canadian Prime Euro Denominated Loan with an Interest Period of one month and (3) each Sterling Denominated Loan shall be continued as a Sterling Denominated Loan with an Interest Period of one month; (f) In connection with each LIBOR Rate Loan or European Denominated Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the end payment of any principal of any LIBOR Rate Loan or European Denominated Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan or European Denominated Loan other than on the last day of the Interest Period applicable thereto, and or (3C) each other Contract the failure to borrow, convert, continue or prepay any LIBOR Rate Loan or European Denominated Loan on the date specified in any Interest Election Request received by Agent delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Administrative Borrower setting forth in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be continued conclusive absent manifest error. Borrowers shall pay such amount to Agent or the Lender, as a Loan applicable, within 30 days of the same Type with an date of its receipt of such certificate. If a payment of a LIBOR Rate Loan or European Denominated Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of one monthAdministrative Borrower, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan or European Denominated Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan or European Denominated Loan and that, in the event that Agent does not defer such application, Borrowers shall be obligated to pay any resulting Funding Losses. (vig) Unless the Administrative Agent, in its sole discretion, agrees otherwise, the Borrowers shall have not more than 10 Contract 5 LIBOR Rate Loans of any Type and European Denominated Loans in effect under the U.S. Facility and 5 Contract Rate Loans of any Type in effect under the Canadian Facility at any given time. The Borrowers only may make an Interest Election Request for any proposed Contract LIBOR Rate Loan or European Denominated Loan of at least $1,000,000 or Cdn$1,000,000, as applicable1,000,000.