RFR Rate definition
Examples of RFR Rate in a sentence
In the case of any such request with respect to the making of RFR Rate Loans, such request shall be subject to the approval of Administrative Agent and Lenders, which approval shall be in their sole discretion.
Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Rate Loans or, failing that with respect to RFR Rate Loans denominated in Dollars, will be deemed to have converted such request into a request for a Borrowing of Alternate Base Rate Loans in the amount specified therein.
Subject to the provisions of clause (b) below: (i) each RFR Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the RFR for such Interest Period; and (ii) each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Alternate Base Rate.
Each Borrowing of, conversion to or continuation of RFR Rate Loans shall be in a principal amount that is an integral multiple of $100,000 and not less than $500,000, and each Borrowing of, conversion to or continuation of Alternate Base Rate Loans shall be in an amount that is an integral multiple of $100,000 and not less than $500,000, or, in each case, such lesser amounts as agreed to by the Administrative Agent.
Each Borrowing, each conversion of Loans from one Type of Loan to the other, and each continuation of RFR Rate Loans shall be made upon a Borrower’s irrevocable notice to Administrative Agent, which may be given by telephone or by electronic mail pursuant to, and in accordance with the terms of this Credit Agreement.
Any such disbursement made by Administrative Agent to Lenders shall be deemed to be a RFR Rate Loan, and Borrowers in the applicable Fund Group shall be deemed to have given to Administrative Agent, in accordance with the terms and conditions of Section 2.03(a), a Loan Notice with respect thereto.
Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender as its Lending Office (and the office to whose accounts payments are to be credited) for any RFR Rate Loan; (b) designate its principal office or a branch, subsidiary or Affiliate as its Lending Office (and the office to whose accounts payments are to be credited) for any Alternate Base Rate Loan; and (c) change its Lending Office from time to time by notice to the Administrative Agent and the Borrowers.
During the existence of a Potential Default or an Event of Default, no Loans may be requested as or converted to RFR Rate Loans, without the consent of the Required Lenders.
Thereafter, the obligation of the Lenders to make or maintain RFR Rate Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the RFR shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.
If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, RFR Rate Loans.