Examples of Alternative Base Rate Loan in a sentence
If the date upon which an Alternative Base Rate Loan is to be converted to a Eurodollar Loan is not a Business Day in London, then such conversion shall be made on the next succeeding Business Day in London and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan.
Accrued and unpaid interest on outstanding Alternative Base Rate Loans shall be due and payable monthly on the first day of each calendar month while any Alternative Base Rate Loan remains outstanding, the payment in each instance to be the amount of interest which has accrued and remains unpaid with respect to Alternative Base Rate Loans.
Subject to the terms of this Agreement (including Section 2.18), interest on the Loans shall accrue and be payable at a rate per annum equal to the Alternative Base Rate for each Alternative Base Rate Loan and the Adjusted Eurodollar Rate for each Eurodollar Rate Loan.
Each Alternative Base Rate Loan requested hereunder shall be in a principal amount no less than $100,000 and in increments of $50,000 in excess thereof, and each Eurodollar Rate Loan requested hereunder shall be in a principal amount no less than $5,000,000 and in increments of $1,000,000 in excess thereof.
All Loans allocated to any such terminated Eurodollar Loan shall be reallocated to an Alternative Base Rate Loan.
In the event that the Borrower fails to select the duration of any Interest Period for any Eurodollar Rate Loan within the time period and otherwise as provided herein, such Loan (if outstanding as a Eurodollar Rate Loan) will be automatically converted into an Alternative Base Rate Loan on the last day of the then current Interest Period for such Loan or (if outstanding as an Alternative Base Rate Loan) will remain as, or (if not then outstanding) will be made as, an Alternative Base Rate Loan.
The “Type” of a Loan refers to whether such Loan is an Eurodollar Rate Loan or an Alternative Base Rate Loan.
If the Borrower shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (2) whether the requested Revolving Loan is an Alternative Base Rate Loan or a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Alternate Base Rate Loan hereunder.
Except as otherwise provided in ------------------------------ Section 4.10, each Alternative Base Rate Loan shall bear interest at an annual rate equal to the Alternative Base Rate as in effect from time to time while such Alternative Base Rate Loan is outstanding.
Each Loan shall be advanced as a LIBOR Rate Loan or, in the event that a LIBOR Rate Loan is not then permitted to be outstanding as provided in Section 2.3, an Alternative Base Rate Loan.