Term Benchmark definition

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Term Benchmark when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.

Examples of Term Benchmark in a sentence

Each such notice must be received by the Administrative Agent not later than 12:00 noon (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term Benchmark Loans or of any conversion of Term Benchmark Loans to Base Rate Loans; (ii) on the requested date of any Borrowing of Base Rate Loans, and (iii) five (5) Business Days prior to the date of any Borrowing of Daily Simple SOFR Loans.
In its notice requesting a Term Benchmark Advance, the Borrower shall select an Interest Period of one, three or six months to apply to such particular Term Benchmark Advance.
Concurrently with repaying such portion of each affected Term Benchmark Advance, the Borrower may borrow a Base Rate Advance from such Lender, whether or not it would have been entitled to effect such borrowing and such Lender shall make such Advance of a Base Rate Advance, if so requested, in an amount such that the outstanding principal amount of the affected Advance made by such Lender shall equal the outstanding principal amount of such Advance immediately prior to such repayment.
The Borrower shall pay interest on each Term Benchmark Advance on the applicable Interest Payment Date, and, in addition, if the Interest Period for a Term Benchmark Advance exceeds three months, interest on such Term Benchmark Advance shall also be due and payable in arrears on every three- month anniversary of the beginning of such Interest Period.
The obligation of such Lender to make ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Advances is suspended only until such time as it is once more possible and legal for such Lender to fund and maintain Term Benchmark Advances.

More Definitions of Term Benchmark

Term Benchmark when used in reference to any Loan or borrowing, indicates that such Loan, or the Loans comprising such borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate, other than pursuant to clause (c) of the definition of “ABR”.

Term Benchmark when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR. “Term SOFR” means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m. (Chicago time), two (2) U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator. “Term SOFR Determination Day” has the meaning assigned to such term in the definition of “Term SOFR Reference Rate”. “Term SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in dollars and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 p.m. (New York time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day. “Termination Date” means the earlier of the Revolving Credit Maturity Date and the date of termination of the Commitments. “Third Amendment” means that certain Third Amendment to Amended and Restated Credit Agreement dated as of the Third Amendment Effective Date, among the Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. “Third Amendment Effective Date” means June 23, 2023. “Total Assets” means, at any time, the amount that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the Credit Parties. “Total Debt” means with respect to any Person, at any time, without duplication, the sum of (a) Debt of such...

Term Benchmark when used in reference to any Advance or Borrowing, means that such Advance, or the Advances comprising such Borrowing, are bearing interest at a rate determined by reference to (i) the Term SOFR Rate (other than pursuant to clause (iii) of the definition of “Alternate Base Rate”) or (ii) solely with respect to Advances or Borrowings with a “one-week” Interest Period as set forth in the proviso to Section 2.08(b) hereof, Daily Simple SOFR.”

Term Benchmark when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the CDOR Rate (other than pursuant to clause (c) of the definition of “Alternate Base Rate”), the Adjusted EURIBO Rate or the Adjusted Term ▇▇▇▇▇ Rate (other than pursuant to clause (ii) of the definition of “Canadian Prime Rate”).

Term Benchmark means the Benchmark.

Term Benchmark means the Adjusted Term SOFR Rate and/or the EURIBO Rate, as applicable and, when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate or the EURIBO Rate.

Term Benchmark when used in reference to any Revolving Credit Loan or Revolving Credit Borrowing, refers to whether such Revolving Credit Loan, or the Revolving Credit Loans comprising such Revolving Credit Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.