Examples of Alternate Base Rate in a sentence
ABR Loans shall bear interest at the Alternate Base Rate plus the Applicable Rate, except to the extent that the Default Rate is applicable as provided in Section 2.13(b) below.
During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate.
Any such automatic conversion to Alternate Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loans.
The payment by an L/C Issuer of a drawing under any Letter of Credit or payment under a Support Agreement shall constitute for all purposes of this Agreement the making by such L/C Issuer of an L/C Advance, which shall be an Alternate Base Rate Loan, in Dollars in the amount of such drawing and the applicable L/C Issuer shall be entitled to receive interest paid on such amount at the Alternate Base Rate through the date that such L/C Issuer is repaid in full.
Notwithstanding the foregoing, for Borrowings on the Closing Date, whether SOFR Loan or Alternate Base Rate Loan, the Borrower Representative shall deliver notice to the Administrative Agent not later than one (1) Business Days prior to the Closing Date (or, such shorter period as the Administrative Agent may agree).