Alternative Base Rate Loans definition
Examples of Alternative Base Rate Loans in a sentence
Subject to Section 2.07(d), if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR” cannot be determined pursuant to the definition thereof on any given day, the interest rate on Alternative Base Rate Loans shall be determined by the Administrative Agent without reference to clause (c) of the definition of “Alternative Base Rate” until the Administrative Agent revokes such determination.
All or any part of outstanding Alternative Base Rate Loans may be converted into a Eurodollar Rate Loan as provided herein, provided that any partial conversion shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof.
The obligation of such Lender to make Eurodollar Rate Loans and convert Alternative Base Rate Loans into Eurodollar Rate Loans shall then be suspended until such time as such Lender may again make and maintain Eurodollar Rate Loans, and the outstanding Eurodollar Rate Loans of such Lender shall be converted into Alternative Base Rate Loans in accordance with Section 2.13.
Interest payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Alternative Base Rate Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
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.
The Delayed Draw Term Loan may consist of Alternative Base Rate Loans or SOFR Loans as the Borrower may request in the Borrowing Notice delivered to the Administrative Agent prior to such Delayed Draw Funding Date.
Subject to the uncommitted nature of the Uncommitted Facility and to the terms and conditions of this Agreement, during such period the Borrower may borrow, repay and reborrow up to the Maximum Availability Amount by means of Eurodollar Rate Loans and Alternative Base Rate Loans and may Convert Loans of one Type into Loans of another Type (as provided in Section 3.04 of this Agreement) or Continue Loans of one Type as Loans of the same Type (as provided in Section 3.04 of this Agreement).
If any Lender requests compensation from the Borrower under this Section, the Borrower may, after payment of all compensation then accrued and by notice to the Administrative Agent and such Lender, require that the Loans by such Lender of the type with respect to which such compensation is requested be converted into Alternative Base Rate Loans in accordance with Section 2.13.
If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Loans that are Alternative Base Rate Loans) accrued interest to such date on the amount prepaid.
Initially, the office of each Bank designated as such in Schedule 1 hereto; thereafter, such other office of such Bank, if any, located within the United States that will be making or maintaining Alternative Base Rate Loans.