Common use of Initial Interest Period Clause in Contracts

Initial Interest Period. The Interest Period (and the respective Adjusted Eurodollar Rate) in effect on the Delayed Draw Funding Date in respect of the Closing Date Term Loans (the “Current Interest Period”) will continue to be in effect for such Closing Date Term Loans following the Delayed Draw Funding Date and will end on the last day of the Current Interest Period, and for the Delayed Draw Term Loans funded on the Delayed Draw Funding Date the initial Interest Period will end on the last day of the Current Interest Period and the Adjusted Eurodollar Rate during such initial Interest Period will equal the Adjusted Eurodollar Rate applicable to the Closing Date Term Loans during the Current Interest Period. If the Closing Date Term Loans are as of the Delayed Draw Funding Date Base Rate Loans, then the Delayed Draw Term Loans shall be borrowed in Base Rate until the next Interest Payment Date.