Common use of Availability of Types of Advances Adequacy of Interest Rate Benchmark Replacement Clause in Contracts

Availability of Types of Advances Adequacy of Interest Rate Benchmark Replacement. (a) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 5.2(b), if the Agent determines (which determination shall be conclusive absent manifest error), or the Required Banks notify the Agent that the Required Banks have determined, that: (i) for any reason in connection with any request for a Term SOFR Advance or a conversion or continuation thereof, or any request for a Daily Term SOFR Loan, that the Adjusted Term SOFR Screen Rate for any requested Interest Period with respect to a proposed Term SOFR Advance, or Daily Term SOFR Base Rate for any requested Daily Term SOFR Loan, as applicable, does not adequately and fairly reflect the cost to such Banks of the funding such Loans, or (ii) the interest rate applicable to Term SOFR Advances for any requested Interest Period or to Daily Term SOFR Loans is not ascertainable or available (including, without limitation, because the applicable Screen (or on any successor or substitute page on such screen) is unavailable) and such inability to ascertain or unavailability is not expected to be permanent, then the Agent shall suspend the availability of Term SOFR Advances and Daily Term SOFR Loans, as applicable, and require any affected Term SOFR Advances or Daily Term SOFR Loans, as applicable, to be repaid or converted to Base Rate Advances, subject to the payment of any funding indemnification amounts required by Section 2.6.

Availability of Types of Advances Adequacy of Interest Rate Benchmark Replacement. (a) Availability of Term SOFR Advances. Notwithstanding anything to the contrary in this Agreement or any other Loan Credit Document, but subject to Section 5.2(b4.3(b), if the Agent determines (which determination shall be conclusive absent manifest error), or the Required Majority Banks notify the Agent that the Required Majority Banks have determined, that: (i) for any reason in connection with any request for a Term SOFR Advance or a conversion or continuation thereof, or any request for a Daily Term SOFR Loan, that the Adjusted Term SOFR Screen Rate for any requested Interest Period with respect to a proposed Term SOFR Advance, or Daily Term SOFR Base Rate for any requested Daily Term SOFR Loan, as applicable, Advance does not adequately and fairly reflect the cost to such Banks of the funding such Loans, or (ii) the interest rate applicable to Term SOFR Advances for any requested Interest Period or to Daily Term SOFR Loans is not ascertainable or available (including, without limitation, because the applicable Screen (or on any successor or substitute page on such screen) is unavailable) and such inability to ascertain or unavailability is not expected to be permanent, then the Agent shall suspend the availability of Term SOFR Advances and Daily Term SOFR Loans, as applicable, and require the Borrower shall elect by prompt written notice to the Agent to either repay any affected Term SOFR Advances Advance or Daily convert any affected Term SOFR LoansAdvance to a Floating Rate Advance (provided that if such notice is not received by the Agent within 3 Business Days following the Agent’s notice of suspension to the Borrower, as applicable, the Agent shall convert the Term SOFR Advance to be repaid or converted to Base a Floating Rate AdvancesAdvance), subject to the payment of any funding indemnification amounts required by Section 2.64.4.