Determination of Rate. Each change in the rate of interest for any Borrowing consisting of Alternate Base Rate Loans shall become effective, without prior notice to any Loan Party, automatically as of the opening of business of the Administrative Agent on the date of said change. Interest on the unpaid principal balance of (i) each Term SOFR Loan and Alternate Base Rate Loan bearing interest based off SOFR shall be calculated on the basis of the actual days elapsed in a year consisting of three hundred sixty (360) days and (ii) each Alternate Base Rate Loan (other than when the Alternate Base Rate is calculated based off SOFR) shall be calculated on the basis of the actual days elapsed in a year consisting of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be.
Appears in 7 contracts
Sources: Revolving Credit Agreement (Overland Advantage), Revolving Credit Agreement (Overland Advantage), Revolving Credit Agreement (Overland Advantage)