Common use of Selection of Daily 1M SOFR and Term SOFR Rate; Rate Quotations Clause in Contracts

Selection of Daily 1M SOFR and Term SOFR Rate; Rate Quotations. (i) So long as no Event of Default or Financial Covenant Event is continuing, the Borrower may, by written notice to the Administrative Agent, elect for all or any portion of the Aggregate Principal to accrue interest by reference to the Term SOFR Rate (rather than Daily 1M SOFR) during any Interest Period. Any such notice must specify the amount of the Aggregate Principal subject of such election and must be delivered not later than two (2) Business Days prior to the first day of the affected Interest Period. Any such portion of the Aggregate Principal that is subject to such an election shall be apportioned among the respective Lenders’ Principal ratably. Notwithstanding the foregoing, (x) the Borrower shall not make such an election if, as a result thereof, more than five Borrowing Tranches would exist and (y) each Borrowing Tranche for Loans accruing interest by reference to the Term SOFR Rate shall be not be less than $1,000,000 and shall be an integral multiple of $100,000. For the avoidance of doubt, if an Event of Default or Financial Covenant Event is then continuing, the Interest Rate for any Loan (and any portion of Principal thereof) shall be determined pursuant to the definition of Interest Rate notwithstanding any otherwise applicable election by the Borrower. (ii) The Borrower may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.

Selection of Daily 1M SOFR and Term SOFR Rate; Rate Quotations. (i) So long as no Event of Default or Financial Covenant Event is continuing, the Borrower Seller may, by written notice to the Administrative Agent, elect for all or any portion of the Aggregate Principal Capital to accrue interest by reference to the Term SOFR Rate (rather than Daily 1M SOFR) during any Interest Yield Period. Any such notice must specify the amount of the Aggregate Principal Capital subject of such election and must be delivered not later than two (2) Business Days prior to the first day of the affected Interest Yield Period. Any such portion of the Aggregate Principal Capital that is subject to such an election shall be apportioned among the respective LendersPurchasers’ Principal Capital ratably. Notwithstanding the foregoing, (x) the Borrower Seller shall not make such an election if, as a result thereof, more than five Borrowing Capital Tranches would exist and (y) each Borrowing Capital Tranche for Loans accruing interest by reference to the Term SOFR Rate shall be not be less than $1,000,000 and shall be an integral multiple of $100,000. For the avoidance of doubt, if an Event of Default or Financial Covenant Event is then continuing, the Interest Yield Rate for any Loan (and any portion of Principal thereof) Capital shall be determined pursuant to the definition of Interest Yield Rate notwithstanding any otherwise applicable election by the BorrowerSeller. (ii) The Borrower Seller may call the Administrative Agent on or before the date on which a Loan an Investment Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders Purchasers nor affect the rate of interest which thereafter is actually in effect when the election is made.

Selection of Daily 1M SOFR and Term SOFR Rate; Rate Quotations. (ia) So long as no Event of Default or Financial Covenant Event is continuing, the Borrower Borrowers may, by written notice to the Administrative Agent, elect for all or any portion of the Aggregate Principal Loans to accrue interest by reference to the Term SOFR Rate (rather than Daily 1M SOFR) during any Interest Period. Any such notice must specify the principal amount of the Aggregate Principal Loans subject of such election and must be delivered not later than two (2) Business Days prior to the first day of the affected Interest Period. Any such portion of the Aggregate Principal that is subject to such an election shall be apportioned among the respective Lenders’ Principal ratably. Notwithstanding the foregoing, (x) the Borrower Borrowers shall not make such an election if, as a result thereof, more than five Borrowing Tranches would exist and (y) each Borrowing Tranche for Loans accruing interest by reference to the Term SOFR Rate shall be not be less than $1,000,000 and shall be an integral multiple of $100,000. For the avoidance of doubt, if an Event of Default or Financial Covenant Event is then continuing, the Interest Rate for any Loan (and any portion of Principal Capital thereof) shall be determined pursuant to the definition of Interest Rate notwithstanding any otherwise applicable election by the such Borrower. (iib) The Borrower Borrowers may call the Administrative Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made.