Common use of Automatic Conversion to Base Rate Clause in Contracts

Automatic Conversion to Base Rate. Any provision of this Agreement to the contrary notwithstanding, if the Lender at any time or from time to time determines that (i) Term SOFR Index is unavailable, (ii) Term SOFR Index cannot be determined, (iii) Term SOFR Index does not adequately reflect the cost to the Lender of making, funding, or maintaining any Loan, (iv) the use of Term SOFR Index has become impracticable or unreliable, (v) Term SOFR Index is no longer representative of the underlying market or economic reality, (vi) it is no longer lawful for the Lender to lend at an interest rate based on Term SOFR Index, or (vii) an Event of Default exists and at any time during its continuation the Lender shall so elect, then, in each case, unless and except to the extent otherwise provided in subsection (h) below, (A) all affected SOFR Loans shall automatically and without notice be converted into Base Rate Loans and (B) all obligations of the Lender to make SOFR Loans shall cease until such time as the Lender shall have determined that it is able to determine SOFR or that such illegality or other condition described above shall have been reversed, or that such Event of Default shall have been waived, as applicable.

Automatic Conversion to Base Rate. Any provision of this Agreement to the contrary notwithstanding, if the Lender at any time or from time to time determines that (i) Term SOFR Index the BSBY Rate is unavailable, (ii) Term SOFR Index the BSBY Rate cannot be determined, (iii) Term SOFR Index the BSBY Rate does not adequately reflect the cost to the Lender of making, funding, or maintaining any Loan, (iv) the use of Term SOFR Index the BSBY Rate has become impracticable or unreliable, (v) Term SOFR Index the BSBY Rate is no longer representative of the underlying market or economic reality, (vi) it is no longer lawful for the Lender to lend at an interest rate based on Term SOFR Indexthe BSBY Rate, or (vii) an Event of Default exists and at any time during its continuation the Lender shall so elect, then, in each case, unless and except to the extent otherwise provided in subsection (h) below, (A) all affected SOFR BSBY Loans shall automatically and without notice be converted into Base Rate Loans and (B) all obligations of the Lender to make SOFR BSBY Loans shall cease until such time as the Lender shall have determined that it is able to determine SOFR the BSBY Rate or that such illegality or other condition described above shall have been reversed, or that such Event of Default shall have been waived, as applicable.