Alternative Currency Term Rate Advance definition

Alternative Currency Term Rate Advance means an Advance that bears interest at a rate based on the definition of “Alternative Currency Term Rate.” All Alternative Currency Term Rate Advances must be denominated in an Alternative Currency.

Alternative Currency Term Rate Advance means a Revolving Credit Advance denominated in Euro that bears interest as provided in Section 2.08(a)(i)(B).

Alternative Currency Term Rate Advance means an Advance that bears interest at a rate based on the definition of “Alternative Currency Term Rate”. All Alternative Currency Term Rate Advances must be denominated in an Alternative Currency. “AML Legislation” has the meaning specified in Section 10.25. “Appendices” has the meaning specified in the Recitals to this Agreement. “Applicable Authority” shall mean (a) with respect to Term SOFR, CME or any Governmental Authority having jurisdiction over the Agent or CME and (b) with respect to any Alternative Currency, the applicable administrator for the Relevant Rate for such Alternative Currency or any Governmental Authority having jurisdiction over the Agent or such administrator with respect to its publication of the applicable Relevant Rate in each case acting in such capacity. “Applicable Margin” means: (a) From and after the Restatement Date until the first Adjustment Date, the percentages set forth in Level I of the pricing grid below; and (b) From and after the first Adjustment Date and on each Adjustment Date thereafter, the Applicable Margin shall be determined from the following pricing grid based upon the Average Daily Excess Availability as of the Fiscal Quarter ended immediately preceding such Adjustment Date; provided, however, that notwithstanding anything to the contrary set forth herein, upon the occurrence and during the continuance of an Event of Default, the Agent may, and at the direction of the Majority Lenders shall, upon written notice to the Parent Borrower, increase the Applicable Margin to that set forth in Level II (even if the Average Daily Excess Availability requirements for a different Level have been met) and interest shall accrue at the Default Rate; provided further if any Borrowing Base Certificates are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in any Borrowing Base Certificates otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand. Level Average Daily Excess Availability Applicable Margin for Term SOFR Advances, BA Rate Advances, Applicable Margin for Index Rate Loans

Examples of Alternative Currency Term Rate Advance in a sentence

• In the case of a Term SOFR Advance, Alternative Currency Daily Rate Advance or Alternative Currency Term Rate Advance not paid at maturity, whether by acceleration or otherwise, such Advance shall bear interest at a rate per annum equal to the interest rate (including any Applicable Margin) otherwise applicable to such Advance plus 2% per annum to the fullest extent permitted by applicable Laws.

• Interest accrued on each Term SOFR Advance or Alternative Currency Term Rate Advance having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period.

• If no Interest Period is specified with respect to any requested Term SOFR Advance or Alternative Currency Term Rate Advance, the Borrower will be deemed to have selected an Interest Period of one month’s duration.

• The Borrower shall select the Type of Advance and, in the case of each Term SOFR Advance or Alternative Currency Term Rate Advance, the Interest Period applicable thereto from time to time.

• The Borrower shall not request a Term SOFR Advance or Alternative Currency Term Rate Advance if, after giving effect to the requested Term SOFR Advance or Alternative Currency Term Rate Advance, more than ten (10) Interest Periods would be in effect (unless such limit has been waived by the Administrative Agent in its sole discretion).

• Notwithstanding anything to the contrary contained in this ‎Section 2.09, when any Default has occurred and is continuing (I) no Dollar-denominated Advance may be converted or continued as a Term SOFR Advance (except with the consent of the Required Lenders) and (II) no Alternative Currency Term Rate Advance shall be continued other than as an Alternative Currency Term Rate Advance in its original currency with the same Interest Period (except with the consent of the Required Lenders).

More Definitions of Alternative Currency Term Rate Advance

Alternative Currency Term Rate Advance or “Alternative Currency Term Rate Loan” means a Revolving Loan that bears interest at a rate based on the definition of “Alternative Currency Term Rate.” All Alternative Currency Term Rate Advances and Alternative Currency Term Rate Loans must be denominated in an Alternative Currency.