Examples of Alternate Base Rate Loan in a sentence
Each such Loan Request must be received by the Administrative Agent no later than (a) 12:00 noon on the proposed Drawdown Date of any Federal Funds Rate Loan or Alternate Base Rate Loan and (b) three (3) Business Days prior to the proposed Drawdown Date of any Term SOFR Loan.
Until each Bank funds its Alternate Base Rate Loan or risk participation pursuant to this Section 2.4 to refinance such Bank’s Commitment Percentage of any Swing Loan, interest in respect of such Commitment Percentage shall be solely for the account of the applicable Swing Bank.
The Borrowers may elect from time to time, subject to Section 2.11, to convert any Outstanding Federal Funds Rate Loan or Alternate Base Rate Loan to a Term SOFR Loan, provided that (a) the applicable Borrower shall give the Administrative Agent prior written notice no later than 12:00 noon at least three (3) Business Days prior to such conversion; and (b) no Federal Funds Rate Loan or Alternate Base Rate Loan may be converted into a Term SOFR Loan when any Default has occurred and is continuing.
So long as the Unreimbursed Amount is repaid using the proceeds of an Alternate Base Rate Loan such failure to reimburse shall not be considered a default hereunder.
Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any RFR Rate Loan; (b) designate its principal office or a branch, subsidiary or Affiliate as its Lending Office (and the office to whose accounts payments are to be credited) for any Alternate Base Rate Loan; and (c) change its Lending Office from time to time by notice to the Administrative Agent and the Borrowers.