Term Benchmark Loan definition

Term Benchmark Loan means a Loan that bears interest at a rate based on the Adjusted Term SOFR Rate.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Term Benchmark Loan means a Loan bearing interest at a rate determined by reference to the Benchmark.

Term Benchmark Loan means a Loan that bears interest at a rate based upon the applicable Term Benchmark.

Examples of Term Benchmark Loan in a sentence

If such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, the principal amount of each such Base Rate Loan shall be converted into a Term Benchmark Loan on the first day of the next succeeding Interest Period applicable to any related Term Benchmark Loans of the other Banks.
So long as no Default or Event of Default has occurred and is continuing, if the Company fails to timely deliver such notice with respect to a Term Benchmark Loan, such Term Benchmark Loans shall be converted to ABR Loans.
If any payment on a Term Benchmark Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension unless the result of such extension would be to extend such payment into another calendar month in which event such payment shall be made on the immediately preceding Business Day.
The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Term Benchmark Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.
Furthermore, if any Term Benchmark Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to Term SOFR Rate, then until such time as a Benchmark Replacement is implemented pursuant to this Section 8.01, any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan, convert to, and shall constitute, a Base Rate Loan.

More Definitions of Term Benchmark Loan

Term Benchmark Loan means monies lent by the Lenders to the Borrower hereunder and upon which interest accrues at a rate referable to the Adjusted Term SOFR Rate.

Term Benchmark Loan means any Term Benchmark Term Loan or Term Benchmark Revolving Loan.

Term Benchmark Loan means a Loan that bears interest at a rate based on the definition of “Term Benchmark”. Term Benchmark Revolving Credit Loans may be denominated in any Approved Currency (other than Sterling).

Term Benchmark Loan means a Committed Loan or Competitive Loan that bears interest at the Adjusted Term SOFR Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election, provided, however, that this definition does not include any Loan bearing interest pursuant to clause (c) of the definition of “Alternate Base Rate”.

Term Benchmark Loan means monies lent by the Lenders to the Borrowers hereunder and upon which interest accrues at a rate referable to the Adjusted Term SOFR Rate.

Term Benchmark Loan means any SOFR Loan or EURIBOR Loan, as applicable.

Term Benchmark Loan has the meaning given in Section 1.02.