Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with Section 2.6 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan Requests], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 5 contracts
Sources: Third Amended and Restated Credit Agreement (Dayton Power & Light Co), Third Amended and Restated Credit Agreement (Ipalco Enterprises, Inc.), Credit Agreement (Dayton Power & Light Co)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.2 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan RequestsInterest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Term SOFR Rate Option, as applicable to Revolving Credit Loans Option with an Interest Period of one (1) month commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Term SOFR Rate OptionOption with an Interest Period of one (1) month.
Appears in 4 contracts
Sources: Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.2 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan RequestsInterest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to selected the Base Term SOFR Rate OptionOption with an Interest Period of one month, as applicable to Revolving Credit Loans commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 3 contracts
Sources: Credit Agreement (Core Natural Resources, Inc.), Credit Agreement (CONSOL Energy Inc.), Credit Agreement (CONSOL Energy Inc.)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with Section 2.6 2.5 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Swingline Loan Requests], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 2 contracts
Sources: Credit Agreement (Peabody Energy Corp), Credit Agreement (Peabody Energy Corp)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term LIBORTerm SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.2 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan RequestsInterest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans Loansselected an Interest Period of one (1) month, commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term LIBORTerm SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request or Swingline Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 1 contract
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term BSBY Rate OptionTerm SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.22.5 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Swingline Loan RequestsRequestsInterest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term BSBY Rate OptionTerm SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 1 contract
Sources: Credit Agreement (Erie Indemnity Co)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term LIBORTerm SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.24.2 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan RequestsInterest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans Loans, commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 1 contract
Sources: Credit Agreement and Security Agreement (Paylocity Holding Corp)
Selection of Interest Rate Options. If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with Section 2.6 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan Requests]2.5, the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans, Term Loans or 2024 Incremental Term Loans, as the case may be, commencing upon the last day of the existing Interest Period. If the Borrower provides any Loan Request related to a Loan at the Term SOFR Rate Option but fails to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 1 contract
Sources: Incremental Facility Amendment to Credit Agreement (Cadre Holdings, Inc.)
Selection of Interest Rate Options. If the Borrower fails Borrowers fail to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 2.6 4.2 [Revolving Credit Loan Requests; Loan Conversions and Renewals; Swing Loan RequestsInterest Periods], the Borrower Borrowers shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit Loans commencing upon the last day of the existing Interest Period, and such Revolving Credit Loans shall be automatically redenominated into Revolving Credit Loans in Dollars. If the Borrower provides Borrowers provide any Loan Request related to a Loan at the Term SOFR Rate Option but fails fail to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month. Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.
Appears in 1 contract