Base Rate Loan definition
Examples of Base Rate Loan in a sentence
All or any part of the Outstanding Loans of any Type may be converted as provided herein, provided that no partial conversion shall result in a Base Rate Loan or a Daily Simple SOFR Loan in a principal amount of less than $100,000.00 or a Term SOFR Loan in a principal amount of less than $100,000.00.
The undersigned Borrower hereby requests a Revolving Credit Loan under §2.7 of the Credit Agreement: Principal Amount: $ Type (Daily Simple SOFR Loan, Term SOFR Loan, Base Rate Loan): Drawdown Date: Interest Period for Term SOFR Loans: by: (i) credit to the general account of Borrower with the Agent at the Agent’s Head Office or (ii) wiring such funds in accordance with ▇▇▇▇▇▇▇▇’s written instructions.
Notwithstanding anything herein to the contrary, a Swing Loan shall be a Base Rate Loan and shall bear interest at a rate per annum equal to the Base Rate for Revolving Credit Base Rate Loans.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing, the Administrative Agent, at the request of the Required Banks, may require, by notice to Borrower, that (i) no outstanding Loan may be converted to or continued as a Term SOFR Loan and (ii) unless repaid, each Loan shall be converted to a Base Rate Loan as of such date in the case of a Daily Simple SOFR Loan or at the end of the Interest Period applicable thereto in the case of a Term SOFR Loan.
To the extent that such Bank’s Affected Loan has been so Converted (or the interest rate thereon so converted), all payments and prepayments of principal which would otherwise be applied to such Bank’s Affected Loan shall be applied instead to its Base Rate Loan (or to its Bid Rate Loan bearing interest at the converted rate) and such Bank shall have no obligation to Convert its Base Rate Loan into a SOFR Loan.