Examples of Eurodollar Rate Advance in a sentence
Each Borrowing shall be made on notice, given not later than 11:00 A.M. on the third Business Day (or, only in the case a Eurodollar Rate Advance is unavailable under Section 2.08 or 2.11, in the case of a Borrowing consisting of Base Rate Advances, not later than 9:30 A.M. on the date of the proposed Borrowing) prior to the date of the proposed Borrowing by the Borrower to the Administrative Agent, which shall give to each Lender prompt written notice.
The interest rate on a Eurodollar Rate Advance is determined by reference to the London interbank offered rate (“LIBOR”).
Any prepayment of a Eurodollar Rate Advance shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 8.04(e).
If such notice is given, each Eurodollar Rate Advance of such Credit Party then outstanding shall be Converted to a Base Rate Advance either (i) on the last day of the then current Interest Period applicable to such Eurodollar Rate Advance if such Credit Party may lawfully continue to maintain and fund such Advance to such day or (ii) immediately if such Credit Party shall determine that it may not lawfully continue to maintain and fund such Advance to such day.
Notwithstanding anything to the contrary herein, a Swingline Advance may not be converted to a Eurodollar Rate Advance.