Common use of Term Benchmark Loans Clause in Contracts

Term Benchmark Loans. Each Loan that is a Term Benchmark Loan made or maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, continued or created by conversion from a Base Rate Loan until, but excluding, the date of repayment thereof at a rate per annum equal to the sum of the Applicable Margin plus Term SOFR applicable for such Interest Period, payable in arrears on each Interest Payment Date. Unless otherwise approved by the Administrative Agent in its reasonable discretion, no Borrowing shall consist of Term Benchmark Loans if after giving effect thereto an aggregate of more than ten (10) separate Term Benchmark Loans would be outstanding hereunder.