Reference Rate Borrowing definition
Examples of Reference Rate Borrowing in a sentence
Interest accrued on each Reference Rate Borrowing shall be payable on each Interest Payment Date, commencing with the first such date to occur after the Closing Date, and shall be deducted from the Account on each such Interest Payment Date.
If Borrower is required to so prepay any Eurodollar Borrowing, then concurrently with such prepayment, Borrower shall borrow from the affected Lender, in the amount of such repayment, a Reference Rate Borrowing.
If the Company is required to so prepay any LIBOR Borrowing, then concurrently with such prepayment, the Company may, at its option, borrow from the affected Bank, in the amount of such repayment, a Reference Rate Borrowing.
Except as otherwise provided in Section 4.3, the unpaid principal amount of any Reference Rate Borrowing shall bear interest at a fluctuating rate per annum equal to the Reference Rate plus the Applicable Margin, if any, applicable to Reference Rate Borrowings.
At the time that each Euro Reference Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of (euro)500,000 and not less than (euro)1,000,000; provided that a Euro Reference Rate Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Multi-Currency Tranche Commitments.
If no such request for continuation is made, such Eurodollar Borrowing shall automatically be redesignated as a Reference Rate Borrowing on such date.
Notwithstanding any provision to the contrary contained in this SECTION 2.3, Borrower and the applicable Qualified Borrower, shall not be required to indemnify Lenders against any costs, loss or expenses incurred by Lenders, or any of them, as a result of the liquidation or redeployment of funds due to Borrower's failure to fulfill, on or before the date specified for a Reference Rate Borrowing, the conditions to such Borrowing set forth herein.
In such event, Borrower shall be deemed to have requested a Reference Rate Borrowing to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 3.1 for the principal amount of Reference Rate Borrowings, but subject to the amount of the unutilized portion of the Total Aggregate Commitment and the conditions set forth in Article 6 (other than the delivery of a Request for Borrowing).
If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing, in the case of a Borrowing in dollars and a Euro Reference Rate Borrowing, in the case of a Borrowing in Euros.
In the event a requested Borrowing constitutes a LIBOR Borrowing or a Reference Rate Borrowing, Administrative Agent shall provide each Lender with the Notice of Borrowing or Conversion/Continuation relating thereto on the date that Administrative Agent receives such Notice of Borrowing or Conversion/Continuation (as applicable) from Borrower, together with the amount of such Lender’s Pro Rata Share of the amount of the Loans to be funded with such Borrowing.