Reference Rate Loan definition
Examples of Reference Rate Loan in a sentence
Each Term SOFR Loan, Daily Simple SOFR Loan and Alternative Currency Loan shall not be less than $1,000,000, and each Reference Rate Loan shall not be less than $500,000 for each Lender; provided that a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the Available Commitment or that is required to finance the reimbursement of a Letter of Credit under Section 2.8(c).
A request of the Borrowers for a Conversion of a Reference Rate Loan into a Term SOFR Loan or Daily Simple SOFR Loan is subject to the condition that no Event of Default or Potential Default exists at the time of such request or after giving effect to such Conversion.
Interest on the unpaid principal balance of each Reference Rate Loan (including Reference Rate Loans determined by reference to SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.