Common use of Method of Electing Interest Rates Clause in Contracts

Method of Electing Interest Rates. (i) Subject to Section 2.06(a), the Loans included in each Revolving Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing. Thereafter, with respect to each Group of Loans, the Borrower shall have the option (A) to convert all or any part of (y) so long as no Default is in existence on the date of conversion, outstanding Base Rate Loans to Term SOFR Loans and (z) outstanding Term SOFR Loans to Base Rate Loans; provided, in each case, that the amount so converted shall be equal to $10,000,000 or any larger integral multiple of $1,000,000, or (B) upon the expiration of any Interest Period applicable to outstanding Term SOFR Loans, so long as no Default is in existence on the date of continuation, to continue all or any portion of such Loans, equal to $10,000,000 and any larger integral multiple of $1,000,000 in excess of that amount as Term SOFR Loans. The Interest Period of any Base Rate Loan converted to a Term SOFR Loan pursuant to clause (A) above shall commence on the date of such conversion. The succeeding Interest Period of any Term SOFR Loan continued pursuant to clause (B) above shall commence on the last day of the Interest Period of the Loan so continued. Term SOFR Loans may only be converted on the last day of the then current Interest Period applicable thereto or on the date required pursuant to Section 2.18. (ii) The Borrower shall deliver a written notice of each such conversion or continuation (a “Notice of Conversion/Continuation”) to the Administrative Agent no later than (A) 12:00 P.M. (Charlotte, North Carolina time) at least three (3) U.S. Government Securities Business Days before the effective date of the proposed conversion to, or continuation of, a Term SOFR Loan and (B) 11:30 A.M. (Charlotte, North Carolina time) on the day of a conversion to a Base Rate Loan. A written Notice of Conversion/Continuation shall be substantially in the form of Exhibit A-2 attached hereto and shall specify: (A) the Group of Loans (or portion thereof) to which such notice applies, (B) the proposed conversion/continuation date (which shall be a Business Day), (C) the aggregate amount of the Loans being converted/continued, (D) an election between the Base Rate and Adjusted Term SOFR and (E) in the case of a conversion to, or a continuation of, Term SOFR Loans, the requested Interest Period. Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent shall give each Lender prompt notice of the contents thereof and such Xxxxxx’s pro rata share of all conversions and continuations requested therein. If no timely Notice of Conversion/Continuation is delivered by the Borrower as to any Term SOFR Loan, and such Loan is not repaid by the Borrower at the end of the applicable Interest

Method of Electing Interest Rates. (i) Subject to Section 2.06(a), the Loans included in each Revolving Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing. Thereafter, with respect to each Group of Loans, the Borrower shall have the option (A) to convert all or any part of (yx) so long as no Default is in existence on the date of conversion, outstanding Base Rate Loans to Term SOFR Rate Loans and (zy) outstanding Term SOFR Rate Loans to Base Rate Loans; provided, in each case, that the amount so converted shall be equal to $10,000,000 or any larger integral multiple of $1,000,000, or (B) upon the expiration of any Interest Period applicable to outstanding Term SOFR Rate Loans, so long as no Default is in existence on the date of continuation, to continue all or any portion of such Loans, equal to $10,000,000 and any larger integral multiple of $1,000,000 in excess of that amount as Term SOFR Rate Loans. The Interest Period of any Base Rate Loan converted to a Term SOFR Rate Loan pursuant to clause (A) above shall commence on the date of such conversion. The succeeding Interest Period of any Term SOFR Rate Loan continued pursuant to clause (B) above shall commence on the last day of the Interest Period of the Loan so continued. Term SOFR Rate Loans may only be converted on the last day of the then current Interest Period applicable thereto or on the date required pursuant to Section 2.18. (ii) The Borrower shall deliver a written notice of each such conversion or continuation (a “Notice of Conversion/Continuation”) to the Administrative Agent no later than (A) 12:00 P.M. Noon (Charlotte, North Carolina New York City time) at least three (3) U.S. Government Securities Business Days before the effective date of the proposed conversion to, or continuation of, a Term SOFR Rate Loan and (B) 11:30 A.M. (Charlotte, North Carolina New York City time) on the day of a conversion to a Base Rate Loan. A written Notice of Conversion/Continuation shall be substantially in the form of Exhibit A-2 attached hereto and shall specify: (A) the Group of Loans (or portion thereof) currently outstanding to which such notice applies, (B) the proposed conversion/continuation date (which shall be a Business Day), (C) the aggregate amount of the Loans being converted/continued, (D) an election between the Base Rate and the Adjusted Term SOFR Rate and (E) in the case of a conversion to, or a continuation of, Term SOFR Rate Loans, the requested Interest Period. Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent shall give each Lender prompt notice of the contents thereof and such XxxxxxLender’s pro rata share of all conversions and continuations requested therein. If no timely Notice of Conversion/Continuation is delivered by the Borrower as to any Term SOFR Rate Loan, and such Loan is not repaid by the Borrower at the end of the applicable InterestInterest Period, such Loan shall be converted automatically to a Base Rate Loan on the last day of the then applicable Interest Period. (e)

Method of Electing Interest Rates. (i) Subject to Section 2.06(a), the Loans included in each Revolving Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing. Thereafter, with respect to each Group of Loans, the Borrower shall have the option (A) to convert all or any part of (y) so long as no Default is in existence on the date of conversion, outstanding Base Rate Loans to Term SOFR Euro-Dollar Loans and (z) outstanding Term SOFR Euro-Dollar Loans to Base Rate Loans; provided, in each case, that the amount so converted shall be equal to $10,000,000 or any larger integral multiple of $1,000,000, or (B) upon the expiration of any Interest Period applicable to outstanding Term SOFR Euro-Dollar Loans, so long as no Default is in existence on the date of continuation, to continue all or any portion of such Loans, equal to $10,000,000 and any larger integral multiple of $1,000,000 in excess of that amount as Term SOFR Euro-Dollar Loans. The Interest Period of any Base Rate Loan converted to a Term SOFR Euro-Dollar Loan pursuant to clause (A) above shall commence on the date of such conversion. The succeeding Interest Period of any Term SOFR Euro-Dollar Loan continued pursuant to clause (B) above shall commence on the last day of the Interest Period of the Loan so continued. Term SOFR Euro-Dollar Loans may only be converted on the last day of the then current Interest Period applicable thereto or on the date required pursuant to Section 2.18. (ii) The Borrower shall deliver a written notice of each such conversion or continuation (a “Notice of Conversion/Continuation”) to the Administrative Agent no later than (A) 12:00 P.M. Noon (Charlotte, North Carolina time) at least three (3) U.S. Government Securities Business Days before the effective date of the proposed conversion to, or continuation of, a Term SOFR Euro-Dollar Loan and (B) 11:30 A.M. (Charlotte, North Carolina time) on the day of a conversion to a Base Rate Loan. A written Notice of Conversion/Continuation shall be substantially in the form of Exhibit A-2 attached hereto and shall specify: (A) the Group of Loans (or portion thereof) to which such notice applies, (B) the proposed conversion/continuation date (which shall be a Business Day), (C) the aggregate amount of the Loans being converted/continued, (D) an election between the Base Rate and Adjusted Term SOFR and (E) in the case of a conversion to, or a continuation of, Term SOFR Loans, the requested Interest Period. Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent shall give each Lender prompt notice of the contents thereof and such Xxxxxx’s pro rata share of all conversions and continuations requested therein. If no timely Notice of Conversion/Continuation is delivered by the Borrower as to any Term SOFR Loan, and such Loan is not repaid by the Borrower at the end of the applicable Interesthereto

Method of Electing Interest Rates. (i) Subject to Section 2.06(a), the Loans included in each Revolving Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Borrowing. Thereafter, with respect to each Group of Loans, the Borrower shall have the option (A) to convert all or any part of (yx) so long as no Default is in existence on the date of conversion, outstanding Base Rate Loans to Term SOFR Rate Loans and (zy) outstanding Term SOFR Rate Loans to Base Rate Loans; provided, in each case, that the amount so converted shall be equal to $10,000,000 or any larger integral multiple of $1,000,000, or (B) upon the expiration of any Interest Period applicable to outstanding Term SOFR Rate Loans, so long as no Default is in existence on the date of continuation, to continue all or any portion of such Loans, equal to $10,000,000 and any larger integral multiple of $1,000,000 in excess of that amount as Term SOFR Rate Loans. The Interest Period of any Base Rate Loan converted to a Term SOFR Rate Loan pursuant to clause (A) above shall commence on the date of such conversion. The succeeding Interest Period of any Term SOFR Rate Loan continued pursuant to clause (B) above shall commence on the last day of the Interest Period of the Loan so continued. Term SOFR Rate Loans may only be converted on the last day of the then current Interest Period applicable thereto or on the date required pursuant to Section 2.18. (ii) The Borrower shall deliver a written notice of each such conversion or continuation (a “Notice of Conversion/Continuation”) to the Administrative Agent no later than (A) 12:00 P.M. Noon (Charlotte, North Carolina New York City time) at least three (3) U.S. Government Securities Business Days before the effective date of the proposed conversion to, or continuation of, a Term SOFR Rate Loan and (B) 11:30 A.M. (Charlotte, North Carolina New York City time) on the day of a conversion to a Base Rate Loan. A written Notice of Conversion/Continuation shall be substantially in the form of Exhibit A-2 attached hereto and shall specify: (A) the Group of Loans (or portion thereof) currently outstanding to which such notice applies, (B) the proposed conversion/continuation date (which shall be a Business Day), (C) the aggregate amount of the Loans being converted/continued, (D) an election between the Base Rate and the Adjusted Term SOFR Rate and (E) in the case of a conversion to, or a continuation of, Term SOFR Rate Loans, the requested Interest Period. Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent shall give each Lender prompt notice of the contents thereof and such Xxxxxx’s pro rata share of all conversions and continuations requested therein. If no timely Notice of Conversion/Continuation is delivered by the Borrower as to any Term SOFR Rate Loan, and such Loan is not repaid by the Borrower at the end of the applicable InterestInterest Period, such Loan shall be converted automatically to a Base Rate Loan on the last day of the then applicable Interest Period. (e)