Examples of Term SOFR Rate in a sentence
In lieu of making any payment pursuant to this Section 5.2 in respect of any Term SOFR Rate Loan other than on the last day of the Interest Period therefor so long as no Default or Event of Default shall have occurred and be continuing, the Borrower at its option may deposit with the Administrative Agent an amount equal to the amount of the Term SOFR Rate Loan to be prepaid and such Term SOFR Rate Loan shall be repaid on the last day of the Interest Period therefor in the required amount.
Any such automatic continuation shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Rate Loans.
If the Borrower requests a conversion to, or continuation of Term SOFR Rate Loans in any such Notice of Conversion of Continuation, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month’s duration.
More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than 20 Borrowings of Term SOFR Rate Loans under this Agreement.
Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a Term SOFR Rate Loan.