DSR Loan definition
Examples of DSR Loan in a sentence
Such notice shall be irrevocable and shall be effective only if received by the Agent not later than 12:00 noon, New York City time, three (3) Business Days prior to the occurrence of the Drawing giving rise to such DSR Loan.
Each payment by a Bank pursuant to this Section 2.4 shall constitute a "DSR Loan" under this Agreement.
A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant DSR Loan.
In the event the Borrower fails to select the applicable interest rate, within the time period and otherwise as provided in this Section 2.6(c), such DSR Loan (if outstanding as a LIBOR Rate Loan) will be automatically converted into an Adjusted Base Rate Loan on the last day of the then current Interest Period for such DSR Loan or (if outstanding as an Adjusted Base Rate Loan) will remain as, or (if not then outstanding) will be made as, an Adjusted Base Rate Loan.
Subject to Sections 2.6(d), 2.19 and 2.23, such DSR Loan shall then bear interest based on the LIBOR Rate from the date of such DSR Loan.
In the event the Borrower fails to select the applicable interest rate, within the time period and otherwise as provided in this SECTION 2.6(C), such DSR Loan (if outstanding as a LIBOR Rate Loan) will be automatically converted into an Adjusted Base Rate Loan on the last day of the then current Interest Period for such DSR Loan or (if outstanding as an Adjusted Base Rate Loan) will remain as, or (if not then outstanding) will be made as, an Adjusted Base Rate Loan.
Additional interest payable pursuant to the immediately preceding sentence shall be paid by the Company at the time that it is otherwise required to pay interest in respect of such DSR Loan, or, if later demanded by the Agent or any Bank, promptly on demand.
No such making of a DSR Loan (in the case of a DSR Letter of Credit) or a Revolving Loan (in the case of a WC Letter of Credit), in either case, shall relieve or otherwise impair the obligation of Borrower to reimburse the applicable Issuing Bank for the amount of any payment made by such Issuing Bank under any Letter of Credit, together with interest as provided herein.
In such event, Borrower shall be deemed to have requested a DSR Loan (in the case of a DSR Letter of Credit) or a Revolving Loan (in the case of a WC Letter of Credit) from such Issuing Bank, in either case, that is a Base Rate Loan to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.2 (Revolving Loans) for the principal amount of Base Rate Loans or the conditions set forth in Section 3 (Conditions Precedent).
No Participant shall have any rights under this Agreement to receive payment of principal of or interest on any DSR Loan except through a Bank and as provided in this Section 9.