Examples of Base Rate Borrowing in a sentence
Each Borrowing shall be in an aggregate principal amount of (i) in the case of Base Rate Loans or, if applicable pursuant to this Agreement, Daily Simple SOFR Loans, $1,000,000 or any larger multiple of $500,000, and (ii) in the case of Term SOFR Loans, $5,000,000 or any larger multiple of $500,000, except that any such Borrowing, whether a Base Rate Borrowing, a Daily Simple SOFR Borrowing or a Term SOFR Borrowing, may be in the aggregate amount of the unused Commitments.
If no election as to the Type of Borrowing is specified in any such Borrowing Request, then the requested Borrowing shall be a Base Rate Borrowing.
Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent at the direction of the Required Facility Lenders under the applicable Facility may require by notice to the Borrower that (x) no Loans under such Facility may be converted to or continued as Term Benchmark Loans and (y) unless repaid, each Term Benchmark Borrowing shall be converted to an Base Rate Borrowing at the end of the Interest Period applicable thereto.
During the existence of a Default, (i) no Loans may be requested as, converted to or continued as Term SOFR Borrowings without the consent of the Required Lenders and (ii) unless repaid, each Term SOFR Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto.