Alternative Currency definition
Examples of Alternative Currency in a sentence
If the applicable Borrower requests a Borrowing of or conversion to Term SOFR Loans and/or Alternative Currency Loans, or continuation of, Term SOFR Loans or Alternative Currency Term Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Any prepayment of a Term SOFR Loan and/or an Alternative Currency Loan shall be accompanied by all accrued interest on the amount prepaid, together with 2.05 any additional amounts required pursuant to Section 3.05.
All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Term SOFR) and for Loans denominated in Alternative Currency shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.
In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not later than 1:00 p.m., in the case of any Committed Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any Committed Loan in an Alternative Currency, in each case on the Business Day specified in the applicable Committed Loan Notice.
In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable L/C Issuer shall notify the Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof.