Common use of LIBOR Replacement Clause in Contracts

LIBOR Replacement. Notwithstanding anything to the contrary set forth herein or in the Amended Credit Agreement or in any other Loan Document, each LIBOR Loan (as defined in the Existing Credit Agreement) outstanding immediately prior to the effectiveness of this Amendment (each such LIBOR Loan, an “Existing LIBOR Loan”) shall continue to bear interest at LIBOR plus the Applicable Margin (in each case, as defined in the Existing Credit Agreement) until the end of the current Interest Period (as defined in the Existing Credit Agreement) applicable to such Existing LIBOR Loan in accordance with and subject to the Existing Credit Agreement, and, as of the end of each such Interest Period, each such Existing LIBOR Loan shall be automatically converted to a Term SOFR Loan with an Interest Period of one month. The Borrower hereby acknowledges and agrees that, from and after the First Amendment Effective Date, (i) the Borrower shall not be permitted to request any Lender to fund, and no Lender shall fund, any LIBOR Loan and (ii) no Existing LIBOR Loan may be continued as a LIBOR Loan.

LIBOR Replacement. Notwithstanding anything to the contrary set forth herein or in the Amended Credit Agreement or in any other Loan Document, each LIBOR Loan (as defined in the Existing Credit Agreement) outstanding immediately prior to the effectiveness of this Amendment (each such LIBOR Loan, an “Existing LIBOR Loan”) shall continue to bear interest at LIBOR plus the Applicable Margin (in each case, as defined in the Existing Credit Agreement) until the end of the current Interest Period (as defined in the Existing Credit Agreement) applicable to such Existing LIBOR Loan in accordance with and subject to the Existing Credit Agreement, and, as of the end of each such Interest Period, each such Existing LIBOR Loan shall be automatically converted to a Term SOFR Loan with an Interest Period of one month. The Borrower hereby acknowledges and agrees that, from and after the First Second Amendment Effective Date, (i) the Borrower shall not be permitted to request any Lender to fund, and no Lender shall fund, any LIBOR Loan and (ii) no Existing LIBOR Loan may be continued as a LIBOR Loan.