Term Benchmark Borrowing definition
Term Benchmark Borrowing means a Borrowing comprised of Term Benchmark Loans.
Term Benchmark Borrowing when used in reference to any Borrowing, refers to whether the Loans comprising such Borrowing are Term Benchmark Loans.
Term Benchmark Borrowing means, as to any Borrowing, the Loans bearing interest at a rate based on the Term Benchmark Rate comprising such Borrowing.
Examples of Term Benchmark Borrowing in a sentence
Thereafter, the Borrower Representative may elect to convert any Borrowing to a Borrowing of a different Type or to continue such Borrowing and (A) in the case of a Term Benchmark Borrowing, may elect Interest Periods therefor and (B) in the case of any RFR Borrowing, may elect Interest Payment Dates therefor, all as provided in this Section.
The Administrative Agent shall advise each Lender of the details and amount of any Loan to be made as part of the relevant requested Borrowing (x) in the case of any ABR Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this Section or (y) in the case of any Term Benchmark Borrowing or RFR Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance with this Section.
If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower Representative shall be deemed to have selected an Interest Period of one month’s duration.
More Definitions of Term Benchmark Borrowing
Term Benchmark Borrowing has the meaning given in Section 1.02.
Term Benchmark Borrowing means, as to any Borrowing, the Eurocurrency Rate Loans composing such Borrowing.
Term Benchmark Borrowing means a Borrowing of a Term SOFR Loan.
Term Benchmark Borrowing means, as to any Borrowing, the Term Benchmark Loans comprising such Borrowing “Term Benchmark Loan” means a Loan that bears interest at a rate based on the Term SOFR Rate. “Term SOFR Determination Date” has the meaning assigned to it in the definition of “Term SOFR Rate”. “Term SOFR Rate” shall mean, for any Interest Period, the interest rate per annum determined by the Administrative Agent (rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100th of 1%) equal to the Term SOFR Reference Rate for a tenor comparable to such Interest Period, as such rate is published by the Term SOFR Administrator on the day (the “Term SOFR Determination Date”) that is two (2) Business Days prior to the first day of such Interest Period. If the Term SOFR Reference Rate for the applicable tenor has not been published or replaced with a Benchmark Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate shall be the Term SOFR Reference Rate for such tenor on the first Business Day preceding such Term SOFR Determination Date for which such Term SOFR Reference Rate for such tenor was published in accordance herewith, so long as such first preceding Business Day is not more than three (3) Business Days prior to such Term SOFR Determination Date. If the Term SOFR Rate, determined as provided above, would be less than the Floor, then the Term SOFR Rate shall be deemed to be the Floor. The Term SOFR Rate shall be adjusted automatically without notice to the Borrower on and as of the first day of each Interest Period. “Term SOFR Reference Rate” shall mean the forward-looking term rate based on SOFR. “Termination Date” means the date on which (a) all Commitments have expired or been terminated, (b) all Obligations, the principal of and interest on each Loan and all fees, expenses and other amounts outstanding, in each case, to the extent then owing, due and payable under and in respect of any Loan Document (other than (i) contingent indemnification or expense reimbursement obligations for which no claim or demand has been made, (ii) obligations set forth in the provisions of any Loan Document that by their express terms survive the termination of this Agreement, and (iii) Specified Ancillary Obligations (and
Term Benchmark Borrowing means, as to any Borrowing, the Term Benchmark Loans comprising such Borrowing. “Term Benchmark Loan” means a Loan that bears interest at a rate based on the Adjusted Term SOFR Rate.
Term Benchmark Borrowing means any Term SOFR Loan and any Eurocurrency Rate Loan.
Term Benchmark Borrowing means a Borrowing in respect of a Class of Term Benchmark Loans. “Term Benchmark Loans” means Loans that bear interest at a rate based on the definition of “Term Benchmark Rate”, other than any Base Rate Loan. “Term Benchmark Rate” means, with respect to any Term Benchmark Borrowing for any Interest Period, the Adjusted Term SOFR. “Term Borrowing” means a Borrowing in respect of a Class of Term Loans. “Term Commitments” means an Initial Term Commitment or a commitment in respect of any Incremental Term Loans or any combination thereof, as the context may require. “Term Facility” means the Term Commitments and any extension of credit made thereunder. “Term Lenders” means the Initial Term Lenders, the Lenders with Incremental Term Loans and the Lenders with Extended Term Loans. “Term Loan Administrative Agent” means, subject to Section 9.13, Wilmington Trust (and any of its Affiliates selected by Wilmington Trust to act as administrative agent for any of the applicable facilities provided hereunder), solely in its capacity as administrative agent for the Term Lenders under the Loan Documents, or any successor administrative agent appointed in accordance with Section 9.09. “Term Loans” means the Initial Term Loans, the Incremental Term Loans and the Extended Term Loans. “Term Note” means a promissory note of the applicable Borrower(s) payable to any Term Lender or its registered assigns, in substantially the form of Exhibit C hereto with appropriate insertions, evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from any Class of Term Loans made by such Term Lender. “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Term SOFR Determination Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate. 96 #95598837v24