Eurodollar Portion definition
Examples of Eurodollar Portion in a sentence
A Notice of Conversion or Continuation shall specify (v) the requested conversion or continuation date (which shall be a Business Day), (w) the amount and Type of the Loan Portion to be converted or continued, (x) whether a conversion or continuation is requested, (y) in the case of a conversion to, or a continuation of, a Eurodollar Portion, the requested Interest Period and (z) the Contract Rate applicable to the Loan Portion to be converted or continued as previously quoted by Agent.
Borrower shall pay such Funding Costs on the date specified for conversion or continuation of any Eurodollar Portion, the date of prepayment or repayment of any Eurodollar Portion under clause (b) or (c) above, or within five (5) Business Days of written demand therefor by Agent with respect to clause (d) above.
Determination of amounts payable under such Sections in connection with a Eurodollar Portion shall be calculated as though each Lender funded its Eurodollar Portion through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not.
Subject to the terms of Section 2.5, Borrower may elect from time to time to convert all or any part of a Floating Rate Portion into a Eurodollar Portion.
Each Floating Rate Portion shall bear interest on the outstanding principal amount thereof for each day from and including the date such Portion is designated or is automatically converted from a Eurodollar Portion into a Floating Rate Portion pursuant to Section 2.8, to but excluding the date it is paid or is converted into a Eurodollar Portion pursuant to Section 2.8 hereof, at a rate per annum equal to the Floating Rate for such day.
If any payment of a Eurodollar Portion occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Portion.
Notwithstanding anything to the contrary contained in Section 2.7, 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Portion may be made as, converted into or continued as a Eurodollar Portion.
Borrower shall select the Type of Portion and, in the case of each Eurodollar Portion, the Interest Period applicable thereto from time to time.
Each Eurodollar Portion shall be in the minimum amount of $500,000.
Agent will notify each Lender of the interest rate applicable to each Eurodollar Portion promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.