Impacted Loans definition
Examples of Impacted Loans in a sentence
If the Administrative Agent has made the determination described in clause (i) of Section 3.7(a) and either of the events described in clause (2) or (3) of this Section 3.7(b) occur, the Borrower and the Administrative Agent shall negotiate in good faith to establish a second alternative interest rate for the Impacted Loans giving due consideration to the then-prevailing market convention (if any) for determining such interest rates.
Upon receipt of such notice, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the Impacted Loans or the affected Interest Periods) until the Administrative Agent (with respect to a determination by the Required Lenders as contemplated by clause (ii), at the instruction of the Required Lenders) revokes such notice.
Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Impacted Loans (to the extent of the affected Impacted Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.
Thereafter, (x) the obligation of the Lenders to make or maintain Impacted Loans shall be suspended, (to the extent of the affected Impacted Loans or Interest Periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate.
In the case of any outstanding LIBO Rate Loans that are Impacted Loans, on the last day of the Interest Period applicable thereto, such Impacted Loans will be deemed to have been converted to ABR Loans.