Examples of Term SOFR Portion in a sentence
Unless Borrower and Administrative Agent have entered into a sweep agreement regarding Xxxxxxxx’s cash management and funding and pay down of the Loans hereunder in form and substance satisfactory to Borrower and Administrative Agent (“Sweep Agreement”), each Syndicated Borrowing, each conversion of a Portion from one Type to the other, and each continuation of a Term SOFR Portion shall be made upon Xxxxxxxx’s irrevocable notice to Administrative Agent, which may be given by telephone.
Except as otherwise provided herein, a Term SOFR Portion may be continued or converted only on the last day of an Interest Period for such Term SOFR Portion.
Each such notice must be received by Administrative Agent not later than 12:00 noon (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of a Term SOFR Portion or of any conversion of a Term SOFR Portion to a Base Rate Portion and (ii) on the requested date of any Borrowing of a Base Rate Portion.
During the existence of a Default, (i) no Loans may be requested as, converted to or continued as Term SOFR Portions without the consent of the Required Lenders and (ii) unless repaid, each Term SOFR Portion shall be converted to a Base Rate Portion at the end of the Interest Period applicable thereto.
Each prepayment required by this Section 2.8(c) shall be applied, first, to any Base Rate Portions then outstanding, and, second, to any Term SOFR Portions then outstanding, and if more than one Term SOFR Portion is then outstanding, to such Term SOFR Portions in such order as Borrower may direct, or if Borrower fails to so direct, as Administrative Agent shall elect.
If Borrower requests a Borrowing of, conversion to, or continuation of a Term SOFR Portion in any such Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month.
Each of Xxxxxxxx, Administrative Agent and each Lender acknowledges and agrees that the Existing Term Loans (x) remain outstanding hereunder, (y) constitute “Term Loans” for all purposes under this Agreement and the other Loan Documents and (z) as of the Closing Date, constitute a single Term SOFR Portion with an Interest Period of one month, the first day of which is the Closing Date.
After any Lender notifies the Administrative Agent and the Borrower of such a Change of Law and until such Lender notifies the Administrative Agent and the Borrower that it is no longer unlawful or impossible for such Lender to make or maintain a Term SOFR Loan or a Term SOFR Portion, all Revolving Loans and all Portions of the Term Loan of such Lender shall be Base Rate Loans and Base Rate Portions, respectively.
Each of Xxxxxxxx, Administrative Agent and each Lender acknowledges and agrees that the Existing Revolving Loans (x) remain outstanding hereunder, (y) constitute “Revolving Credit Loans” for all purposes under this Agreement and the other Loan Documents and (z) as [BGSF] Amended and Restated Credit Agreement of the Closing Date, constitute a single Term SOFR Portion with an Interest Period of one month, the first day of which is the Closing Date.
The Borrower, each other Loan Party, the Administrative Agent and each Lender acknowledges and agrees that immediately and automatically on the First Amendment Effective Date, each outstanding LIBOR Portion (as defined in the Existing Credit Agreement) shall be converted to a Term SOFR Portion with an Interest Period of one (1) month.