Common use of Unavailability of SOFR Clause in Contracts

Unavailability of SOFR. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 3.03(b), if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have determined, that: (i) for any reason in connection with any request for a SOFR Rate Borrowing or a conversion or continuation thereof, that the applicable Benchmark with respect to such SOFR Rate Borrowing does not adequately and fairly reflect the cost to such Lenders of funding such Loans, or (ii) the interest rate applicable to any SOFR Rate Borrowing 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 Administrative Agent shall suspend the availability of the affected SOFR Rate Borrowings and require any affected SOFR Rate Borrowings to be repaid or converted to Base Rate Borrowings, subject to the payment of any funding indemnification amounts required by Section 3.05.

Unavailability of SOFR. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 3.03(b3.3(b), if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have determined, that: (i) for any reason in connection with any request for a SOFR Rate Borrowing Advance or a conversion or continuation thereof, that the applicable Benchmark with respect to such SOFR Rate Borrowing Advance does not adequately and fairly reflect the cost to such Lenders of funding such Loans, or (ii) the interest rate applicable to any SOFR Rate Borrowing Advance 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 Administrative Agent shall suspend the availability of the affected SOFR Rate Borrowings Advances and require any affected SOFR Rate Borrowings Advances to be repaid or converted to Base Rate BorrowingsAdvances (at the end of the current Interest Period applicable thereto in the case of Term SOFR Advances, if not repaid prior to the end of such Interest Period), subject to the payment of any funding indemnification amounts required by Section 3.053.4.