Floating Rate Advance definition
Examples of Floating Rate Advance in a sentence
Each Advance under the Revolving Credit Facility shall be in the minimum amount of $100,000; provided, however, that, subject to Section 2.1, any Floating Rate Advance of the Revolving Credit Facility may be in the amount of the unused Aggregate Revolving Credit Commitment.
Changes in the rate of interest on that portion of any Advance maintained as a SOFR Advance or Floating Rate Advance will take effect simultaneously with each change in the SOFR Rate or Alternate Base Rate, as applicable.
Notwithstanding the provision for automatic conversion in the foregoing sentence, if the effective date of any such automatic conversion is less than one month prior to the then-current Facility Termination Date for such Loan, such Term SOFR Advance shall be automatically converted into a Floating Rate Advance.
Each Daily SOFR Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted into a Daily SOFR Advance pursuant to Section 2.9 to but excluding the date it becomes due or is converted into a Term SOFR Advance or Floating Rate Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the SOFR Rate.