Alternative Base Rate Loans definition

Alternative Base Rate Loans means Loans that bear interest at rates based on rates referred to in the definition of “Alternative Base Rate”.

Alternative Base Rate Loans means Warehousing Advances bearing interest at the Effective Alternative Base Rate if so required pursuant to applicable provisions of this Agreement.

Examples of Alternative Base Rate Loans in a sentence

• 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.

• 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.

• 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.

• The rate is the greater of 5% (4.5% if certain objectives are met) or applicable margin of 3.25% over Alternative Base Rate Loans (Prime), and 4.25% over London Interbank Offered Rate (LIBOR).

• 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 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.

• 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.

• 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).

• Until such notice has been revoked by the Administrative Agent, no further Eurodollar Rate Loans shall be made or Continued as such, nor shall the Borrower have the right to Convert Alternative Base Rate Loans to Eurodollar Rate Loans.

• The Applicable Margin ranges from 0.25% to 1.00% for Alternative Base Rate Loans and from 1.25% to 2.00% for Term SOFR Loans, in each case depending on the Company’s corporate credit rating.