Term Overadvance definition

Term Overadvance has the meaning specified in Section 2.13(a)(ii).

Term Overadvance has the meaning specified in Section 2.13(a)(ii). “Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body Adjustment” means a percentage per annum equal to 0.10%. “Term SOFR Notice” means a notificationAdministrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Eventin its reasonable discretion). “Term SOFR Rate” means, for any calculation with respect to a Term SOFR Rate Loan, the Term SOFR(a) Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 3:00 p.m. on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate has not occurred, then the Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and for any calculation with respect to a Base Rate Loan on any day, the Term SOFR(b) Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR 45

Term Overadvance shall have the meaning assigned to it in SECTION 1.1(b)(i)(2).

Examples of Term Overadvance in a sentence

• Borrowers may at any time on at least five (5) days' prior written notice by Borrower Representative to Agent voluntarily prepay all (but not less than all) of the Term Loan; PROVIDED that MCP shall be permitted to make partial prepayments of the Term Overadvance so long as any such prepayments shall be in a minimum amount of $500,000 and integral multiples of $100,000 in excess of such amount.

• The Equipment Advance, the Real Property Advance, all Capital Expenditure Advances, the Term Overadvance, the Titan Overadvance and the Working Capital Overadvance are referred to individually as a "Term Loan Advance" and collectively as the "Term Loan." Each Term Loan Advance will be evidenced by a term note in the form attached hereto as Exhibit A.

• Any partial prepayments of the Term Overadvance of any Borrower shall be applied to prepay the scheduled installments of such Borrower's Term Loans in inverse order of maturity (it being understood that such payments shall be deemed to be applied first against the Term Overadvance of such Borrower).