Examples of Base Rate Advance in a sentence
Each Prime Rate Advance or Base Rate Advance shall be in an aggregate minimum amount of $500,000 or US$500,000, respectively and in a whole multiple of $100,000 or US$100,000, respectively.
During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate plus (y) the Applicable Margin for Base Rate Advances in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full.
Notwithstanding the foregoing, if the minimum amount of any such Advance would cause the Borrowers to exceed the maximum amount of the Credit, the Borrowers may request a Prime Rate Advance or Base Rate Advance for the entire undrawn amount of the Credit.
Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a LIBOR Advance of, conversion to or continuation of LIBOR Advance 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 Advance.
If the applicable Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.6, the Lenders shall be deemed to have made a Base Rate Advance to such Borrower to replace the maturing LIBOR Advance.