Adjusted Base Rate Borrowing definition
Examples of Adjusted Base Rate Borrowing in a sentence
Each election by the Borrower Representative of an Adjusted Base Rate Borrowing shall be in the Minimum Borrowing Amount, or any multiple thereof.
Notwithstanding the foregoing, during the continuance of a Monetary Default or an Event of Default, the Borrower shall not have the right to request a Eurocurrency Borrowing, select a new Interest Period for an existing Eurocurrency Borrowing or convert any Adjusted Base Rate Borrowing to a Eurocurrency Borrowing.
Unless Borrower notifies Administrative Agent at least two (2) Domestic Business Days before the date of any Borrowing for which a Request for Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as an Adjusted Base Rate Borrowing.
Each Eurocurrency Borrowing shall be in the minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Adjusted Base Rate Borrowing shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof).
Each Eurocurrency Borrowing shall be in the minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Adjusted Base Rate Borrowing shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof), provided, however, that any Adjusted Base Rate Borrowing may be in the amount of the unused Aggregate Revolving Commitment.
Notwithstanding the foregoing, during the continuance of a Monetary Default or an Event of Default, the Borrower shall not have the right to request a Eurocurrency Borrowing, request a Bid Rate Loan, select a new Interest Period for an existing ratable Eurocurrency Borrowing or convert any Adjusted Base Rate Borrowing to a ratable Eurocurrency Borrowing.
Each Borrowing shall (i) be in an aggregate principal amount of $250,000 or any larger integral multiple of (A) $250,000 in the case of a Eurodollar Borrowing, or (B) $50,000 in the case of an Adjusted Base Rate Borrowing, and (ii) be made from each Bank ratably in accordance with its respective Commitment Percentage.
Each Loan Request shall specify: (a) the aggregate amount to be borrowed, (b) the requested Borrowing Date, (c) whether the borrowing is to be an Adjusted Daily SOFR Borrowing or an Adjusted Base Rate Borrowing, and (d) the required information and calculations evidencing compliance with the limitations set forth in Section 2.01 above, and shall be accompanied by the Floor Plan Borrowers’ inventory worksheet and a copy of the title to any Eligible Used Floor Plan Unit.
Each Loan Request shall (A) specify: (i) the aggregate amount to be borrowed, (ii) the requested Borrowing Date, and (iii) whether the borrowing is to be an Adjusted SOFR Rate Borrowing, an Adjusted Base Rate Borrowing, or a combination thereof and (B) be accompanied by a Borrowing Base Certificate as required by Section 5.09.14.
Each election by the Borrower of an Adjusted Base Rate Borrowing shall be in the Minimum Borrowing Amount, or any multiple thereof.