Common use of Changes in Interest Rate Clause in Contracts

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENT (ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. (b) The fees and expenses of any Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 shall be borne solely by the Company. (c) As used herein, “Adjusted Interest Rate” means the interest rate per annum which is 1.00% above the stated rate of the Notes.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENTand (ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. (b) Each holder of a Note shall, at the Company’s expense, use reasonable efforts to cooperate with any reasonable request made by the Company in connection with any rating appeal or application. (c) The fees and expenses of any Rating Agency NRSRO and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 1.3 shall be borne solely by the Company. (cd) As used herein, “Adjusted Interest Rate” means the interest rate on the Notes shall be the rate per annum which is 1.00% above the stated rate of the Notes.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; Rate; and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENTBlackstone Private Credit Fund Note Purchase Agreement (ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. (b) The fees and expenses of any Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 shall be borne solely by the Company. (c) As used herein, “Adjusted Interest Rate” means the interest rate per annum which is 1.00% above the stated rate of the Notes.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest RateRate; provided that, such Adjusted Interest Rate shall not apply to the Notes held by holders who accepted an offer of prepayment pursuant to Section 8.9 with respect to such Notes and such Below Investment Grade Event (including, for the avoidance of doubt, for the period from the occurrence of such event to the acceptance of such offer of prepayment pursuant to Section 8.9); and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENTand (ii) the Company shall promptly, and in any event within twenty ten (2010) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. (b) The fees and expenses of any Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 shall be borne solely by the Company. (c) As used herein, “Adjusted Interest Rate” means the interest rate per annum which is 1.00% above the stated rate of the Notes.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any evidence of a Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and BLACKSTONE PRIVATE CREDIT FUND SOLAR SENIOR CAPITAL LTD. NOTE PURCHASE AGREEMENT (ii) the Company shall promptly, and in any event within twenty ten (2010) Business Days after knowledge that a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming confirm the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will accrue from the date of such Below Investment Grade Event and will be payable in respect of the Notes in consequence thereof. (b) The fees and expenses of any Rating Agency NRSRO and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 shall be borne solely by the Company. (c) As used herein, “Adjusted Interest Rate” means the interest rate on the Notes shall be the rate per annum which is 1.00% above the stated rate of such Notes. The Adjusted Interest Rate with respect to the NotesSeries 2020A Notes shall be 4.90% per annum.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then: (i) as of the date of the occurrence of a the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of evidence of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the applicable Adjusted Interest Rate; and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENTand (ii) the Company shall promptly, and in any event within twenty (20) Business Days after knowledge that a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence reasonably satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. (b) Each holder of a Note shall, at the Company’s expense, use reasonable efforts to cooperate with any reasonable request made by the Company in connection with any rating appeal or application. (c) The fees and expenses of any Rating Agency NRSRO and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2 shall be borne solely by the Company. (cd) As used herein, “Adjusted Interest Rate” means the interest rate on the Notes shall be the rate per annum which is 1.00% above the stated rate of the Notes.

Changes in Interest Rate. (a) If at any time a Below Investment Grade Rating Event occurs, then: (i) as of the first day of the six-month Interest Period that begins following the date of the occurrence of a Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at an interest rate of 8.125% per annum (the “Adjusted Interest Rate; and BLACKSTONE PRIVATE CREDIT FUND NOTE PURCHASE AGREEMENT”); (ii) the Company Issuer shall promptly, and in any event within twenty ten (2010) Business Days after a Below Investment Grade Rating Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 1819, that a Below Investment Grade Rating Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Rating Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof; and (iii) the Issuer shall promptly notify the Paying Agent of any change in the interest rate based on any Rating change, which changes the Paying Agent shall have no duty to monitor. (b) The fees and expenses Notwithstanding the foregoing, in no circumstances will the annual interest rate payable on the Notes exceed 8.125% per annum due to changes in the Rating of the Notes or if the Notes cease to be rated by at least one NRSRO. In addition, the interest rate per annum payable on the Notes will revert to 7.125% per annum beginning on the first day of any Rating Agency and all other costs incurred in connection with obtainingsix-month Interest Period, affirming or appealing if, as of such day, the Notes have a Rating pursuant of “BBB-” or above by ▇▇▇▇-▇▇▇▇▇ or its equivalent by any other NRSRO without giving effect to this Section 1.2 shall any credit watch. In no event will the annual interest rate payable on the Notes be borne solely by the Companyless than 7.125%. (c) As used hereinFollowing the occurrence and during the continuance of an Event of Default, “Adjusted Interest the Notes shall bear interest at the Default Rate” means the interest rate per annum which is 1.00% above the stated rate of the Notes.