Common use of Secondary Term CXXXX Conversion Clause in Contracts

Secondary Term CXXXX Conversion. Notwithstanding anything to the contrary herein or in any Loan Document and subject to the proviso below in this Section 18.6.6, if a Term CXXXX Transition Event and its related Term CXXXX Transition Date have occurred, then on and after such Term CXXXX Transition Date (i) the Benchmark Replacement described in such definition will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; and (ii) each Loan outstanding on the Term CXXXX Transition Date bearing interest based on the then-current Benchmark shall convert, on the last day of the then-current interest payment period, into a Loan bearing interest at the Benchmark Replacement described in such definition having a tenor approximately the same length as the interest payment period applicable to such Loan immediately prior to the conversion or such other Available Tenor as may be selected by the Borrower and agreed by the Administrative Agent; provided that, this Section 18.6.6 shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term CXXXX Notice, and so long as the Administrative Agent has not received, by 5:00 p.m. (Toronto time) on the fifth (5th) Business Day after the date of the Term CXXXX Notice, written notice of objection to such conversion to Term CXXXX from Lenders comprising the Required Lenders or the Borrower.

Secondary Term CXXXX Conversion. Notwithstanding anything to the contrary herein or in any Loan Document and subject to the proviso below in this Section 18.6.6clause, if a Term CXXXX Transition Event and its related Term CXXXX Transition Date have occurred, then on and after such Term CXXXX Transition Date (i) the Benchmark Replacement described in clause (a)(i) of such definition will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; and (ii) each Loan outstanding on the Term CXXXX Transition Date bearing interest based on the then-current Benchmark shall convert, on at the last day start of the then-current next interest payment period, into a Loan bearing interest at the Benchmark Replacement described in clause (a)(i) of such definition having a tenor approximately the same length as the interest payment period applicable to such Loan immediately prior to the conversion or such other Available Tenor as may be selected by the Borrower and agreed by the Administrative Agent; provided that, this Section 18.6.6 clause (vi) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term CXXXX Notice, and so long as the Administrative Agent has not received, by 5:00 p.m. (Toronto time) on the fifth (5th) Business Day after the date of the Term CXXXX Notice, written notice of objection to such conversion to Term CXXXX from Lenders comprising the Required Lenders or the Borrower.

Secondary Term CXXXX Conversion. Notwithstanding anything to the contrary herein or in any Loan Document and subject to the proviso below in this Section 18.6.6paragraph, if a Term CXXXX Transition Event and its related Term CXXXX Transition Date have occurred, then on and after such Term CXXXX Transition Date (i) the Benchmark Replacement described in paragraph (a)(i)(A) of such definition will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; and (ii) each Revolving Credit Loan outstanding on the Term CXXXX Transition Date bearing interest based on the then-current Benchmark shall convert, on the last first day of the then-current next interest payment period, into a Revolving Credit Loan bearing interest at the Benchmark Replacement described in paragraph (a)(i)(A) of such definition having a tenor approximately for the same length as the interest payment period applicable to such Loan immediately prior to the conversion or such other respective Available Tenor as may be selected by the Borrower and agreed by as is available for the Administrative Agent; then-current Benchmark, provided that, this Section 18.6.6 paragraph (h) shall not be effective unless the Administrative Agent Lender has delivered to the Lenders and the Borrower a Term CXXXX Notice, and so long as the Administrative Agent Lender has not received, by 5:00 p.m. (Toronto time) on the fifth (5th) Business Day after the date of the Term CXXXX Notice, written notice of objection to such conversion to Term CXXXX from Lenders comprising the Required Lenders or the Borrower.