Common use of Optional Re-Pricing Clause in Contracts

Optional Re-Pricing. On any Business Day after the Non-Call Period, a Majority of the Subordinated Notes (with the consent of the Portfolio Manager) or the Portfolio Manager may direct the Co-Issuers to reduce the spread over the Benchmark (or the fixed rate of interest, as the case may be) with respect to any Class of Re-Pricing Eligible Debt, in accordance with the procedures described below (any such reduction, a “Re-Pricing” and any such Class to be subject to a Re‑Pricing, a “Re-Priced Class”); provided that the Co-Issuers shall not effect any Re-Pricing unless each condition specified below is satisfied with respect thereto. No terms of any Re-Pricing Eligible Debt other than the Interest Rate applicable to such Secured Debt may be modified or supplemented in connection with a Re-Pricing. In connection with any Re-Pricing, the Issuer may engage a broker-dealer (the “Re-Pricing Intermediary”) upon the recommendation and subject to the written approval of a Majority of the Subordinated Notes or the Portfolio Manager (as applicable) and such Re-Pricing Intermediary may assist the Issuer in effecting the Re-Pricing.

Optional Re-Pricing. On any Business Day after the Non-Call Period, at the written direction of a Majority of the Subordinated Notes Preferred Shares (with the consent of the Portfolio Collateral Manager) or ), the Portfolio Manager may direct the Co-Issuers to Issuer shall reduce the spread over the Benchmark (or or, in the fixed case of any Fixed Rate Notes, the stated rate of interest, as the case may be) with respect to any Class of Re-Pricing Eligible Debt, in accordance with the procedures described below Notes (any such reduction, a “Re-Pricing” and any such Class of Re-Pricing Eligible Notes to be subject to a Re‑PricingRe-Pricing, a “Re-Priced Class”); provided that the Co-Issuers Issuer shall not effect any Re-Pricing unless each condition specified below in this Section 9.7 is satisfied with respect thereto. No For the avoidance of doubt, no terms of any Re-Pricing Eligible Debt Secured Notes other than the Interest Rate applicable to such Secured Debt the related Re-Priced Class may be modified or supplemented in connection with a Re-Pricing. In connection with any Re-Pricing, the Issuer may engage a broker-dealer (the “Re-Pricing Intermediary”) upon the recommendation and subject to the written approval of (i) a Majority of the Subordinated Notes or Preferred Shares and (ii) the Portfolio Collateral Manager (as applicable) and such Re-Pricing Intermediary may shall assist the Issuer in effecting the Re-Pricing.