Term Benchmark Advance definition
Term Benchmark Advance means an Advance made under a Credit Facility by way of loan in US Dollars upon which the interest rate shall be calculated in accordance with the applicable provisions of this Agreement with reference to Adjusted Term SOFR Rate and which matures on or before the RCF Maturity Date or the TL Maturity Date, as applicable.
Term Benchmark Advance means any Advance bearing interest at a rate determined by reference to the Term SOFR Rate.
Term Benchmark Advance means an Advance that bears interest as provided in Section 3.06(b).
Examples of Term Benchmark Advance in a sentence
In its notice requesting a Term Benchmark Advance, the Borrower shall select an Interest Period of one, three or six months to apply to such particular Term Benchmark Advance.
Concurrently with repaying such portion of each affected Term Benchmark Advance, the Borrower may borrow a Base Rate Advance from such Lender, whether or not it would have been entitled to effect such borrowing and such Lender shall make such Advance of a Base Rate Advance, if so requested, in an amount such that the outstanding principal amount of the affected Advance made by such Lender shall equal the outstanding principal amount of such Advance immediately prior to such repayment.
The Borrower shall pay interest on each Term Benchmark Advance on the applicable Interest Payment Date, and, in addition, if the Interest Period for a Term Benchmark Advance exceeds three months, interest on such Term Benchmark Advance shall also be due and payable in arrears on every three- month anniversary of the beginning of such Interest Period.
More Definitions of Term Benchmark Advance
Term Benchmark Advance means an Advance which bears interest at the Adjusted Term SOFR Rate, other than pursuant to clause (iii) of the definition of Alternate Base Rate with respect to Term SOFR.
Term Benchmark Advance means an Advance denominated in Dollars that bears interest as provided in Section 2.07(a)(ii).
Term Benchmark Advance when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans comprising such Advance, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.
Term Benchmark Advance means an Advance which, except as otherwise provided in Section 2.12, bears interest at the applicable Term Benchmark.
Term Benchmark Advance means, with respect to any Advance, such Advance during Interest Periods when such Advance bears or is to bear interest at a rate based upon the Term Benchmark Rate. A Term Benchmark Advance is a Tranche Term Benchmark Advance if such Term Benchmark Advance has an Interest Period described in subsection (i) of the definition of Interest Period. A Term Benchmark Advance is an Index Term Benchmark Advance if such Term Benchmark Advance has an Interest Period described in subsection (ii) of the definition of Interest Period.
Term Benchmark Advance means an Advance that bears interest as provided in Section 3.06(b). “▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Borrowing” means, as to any Borrowing, the Term Benchmark Advances comprising such Borrowing. “Term SOFR Determination Day” has the meaning assigned to it under the definition of “Term SOFR Reference Rate”.
Term Benchmark Advance means any Advance that bears interest as provided in Section 2.06(b). “Term Benchmark Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Term Benchmark Lending Office” in its Administrative Questionnaire or in the Assignment and Assumption pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent. “Termination Date” means August 5, 2022. “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. “Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.07 that is not Term SOFR. “Type” - see the definition of Advance. “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.