Term Benchmark Loans definition

Term Benchmark Loans. Loans the rate of interest applicable to which is based upon the Term Benchmark.

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Term Benchmark Loans. Revolving Credit Loans hereunder at such time as they are made and/or being maintained at a rate of interest based upon the Adjusted Term SOFR Rate.

Term Benchmark Loans means Loans that bear interest at a rate determined by reference to the Term SOFR Rate.

Examples of Term Benchmark Loans in a sentence

Notice of the continuation of a Borrowing of Loans that are Term Benchmark Loans for an additional Interest Period or of the conversion of part or all of a Borrowing of Loans that are Base Rate Loans into Term Benchmark Loans must be given by no later than 12:00 p.m. (New York time) at least one (1) U.S. Government Securities Business Day before the date of the requested continuation or conversion of a Borrowing of Loans that are denominated in Dollars.
The Borrower may at any time and from time to time prepay the Term Loans in whole or in part, without premium or penalty (except as provided in Section 2.21 and subject to Section 2.13), in an aggregate principal amount, (1) in the case of Term Benchmark Loans, that is an integral multiple of $500,000 and not less than $1.0 million, and (2) in the case of ABR Loans or RFR Loans, that is an integral multiple of $100,000 and not less than $1.0 million, or, in each case, if less, the amount outstanding.
Unless and until the Administrative Agent is notified in writing by the Borrower to the contrary, the Borrower hereby authorizes the Administrative Agent to rely on any notices in respect of the making, conversion or continuation of Loans and the Types of Loans and the Interest Periods applicable to Term Benchmark Loans given by any Responsible Officer or any designee of a Responsible Officer of which the Administrative Agent is notified in writing.
Subject to Section 2.13, each Syndicated Borrowing of a Class shall be constituted entirely of ABR Loans, RFR Loans or of Term Benchmark Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith.
Each Term Loan Borrowing (other than a Borrowing pursuant to Section 2.22), each conversion of Term Loans from one Type to the other, and each continuation of Term Benchmark Loans shall be made upon notice by the Borrower to the Administrative Agent.

More Definitions of Term Benchmark Loans

Term Benchmark Loans means the loans made available by the Lenders to the Borrower pursuant to Sections 3.3, 3.8 or 3.9, which the Borrower has elected to denominate in US Dollars and has agreed to pay interest thereon in accordance with Section 5.3;

Term Benchmark Loans means monies lent by the Lenders to the Borrower in U.S. Dollars and upon which interest accrues at a rate referable to Adjusted Term SOFR Rate.

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

Term Benchmark Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of Term Benchmark Loans on a day that is not the last day of an Interest Period with respect thereto (including as a result of the acceleration of the Loans) or (d) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period or maturity date applicable thereto as a result of a request by the Borrower pursuant to Section 2.16. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

Term Benchmark Loans means ABL Loans bearing interest based upon the Term Benchmark Rate.

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 Loans means Loans bearing interest based upon the Term SOFR Rate.