Examples of Federal Funds Rate Loan in a sentence
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.
As to any Loan, its nature as a Federal Funds Rate Loan, Alternate Base Rate Loan or LIBOR Loan, as the case may be.
Each such Loan Request must be received by the Administrative Agent no later than (a) 12:00 noon on the proposed Drawdown Date of any Federal Funds Rate Loan or Alternate Base Rate Loan and (b) three (3) Business Days prior to the proposed Drawdown Date of any LIBOR Loan.
Interest on each Federal Funds Rate Loan shall be payable on the last day of each calendar quarter commencing on the first such day after the Effective Date and on the Termination Date.