Examples of Federal Funds Rate Loan in a sentence
If a Borrower is required to so prepay any of its Offshore Rate Loan, then concurrently with such prepayment, the Borrower may borrow from the affected Bank, in the amount of such repayment, a Federal Funds Rate Loan.
For the avoidance of doubt, the contingent obligation of a Bank to pay funds to BofA in respect of a Swing Loan that may convert to a Federal Funds Rate Loan as provided in Section 2.16 shall not be considered use of such Borrower's Commitment.
The Borrowers may elect from time to time, subject to Section 2.11, to convert any Outstanding Federal Funds Rate Loan or Alternate Base Rate Loan to a LIBOR Loan, provided that (a) the applicable Borrower shall give the Administrative Agent at least three (3) Business Days’ prior written notice of such election; and (b) no Federal Funds Rate Loan or Alternate Base Rate Loan may be converted into a LIBOR Loan when any Default has occurred and is continuing.
Subject to Section 2.12(d), each Swingline Loan shall bear interest in a manner and for a period to be agreed upon by the Borrower and the applicable Swingline Lender, provided that in the event the Borrower requests a Swingline Loan and does not agree upon a period and interest rate with the applicable Swingline Lender with respect thereto, such Swingline Loan shall be a Federal Funds Rate Loan.
If the Borrower is required to so prepay any Eurodollar Rate Loan, then concurrently with such prepayment, the Borrower shall borrow from the affected Lender, in the amount of such repayment, a Base Rate Loan or Federal Funds Rate Loan.