Term Benchmark Loans definition

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

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.

Examples of Term Benchmark Loans in a sentence

• Subject to Section 2.13, (i) each Borrowing of a Class shall be constituted entirely of ABR Loans, of RFR Loans or of Term Benchmark Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith.

• Each ABR Loan shall be denominated in Dollars and (ii) each Pro-Rata Borrowing shall be constituted entirely of ABR Loans or of Term Benchmark Loans denominated in Dollars.

• Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Term Benchmark Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans.

• The obligation of such Lender to make Term Benchmark Loans is suspended only until such time as it is once more possible and legal for such Lender to fund and maintain Term Benchmark Loans.

• Any such automatic conversion to ABR Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term Benchmark Loans.

• Notwithstanding anything to the contrary in this Agreement, all outstanding Eurocurrency Loans (as defined in the Existing Credit Agreement) as of the Effective Date shall remain outstanding as Eurocurrency Loans until the end of the Interest Period applicable thereto as of the Effective Date (immediately prior to the effectiveness of this Agreement) and thereafter shall be converted to ABR Loans or Term Benchmark Loans, as applicable, in accordance with the terms of this Agreement.

• If the Company requests a Borrowing of, conversion to, or continuation of Term Benchmark Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

• Each Borrowing of, conversion to or continuation of Term Benchmark Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.

• Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Term Benchmark Loans are to be prepaid, the Interest Period(s) of such Loans.

• Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Term Benchmark Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that no more than ten (10) Term Benchmark Tranches shall be outstanding at any one time.

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