On SOFR Advances Clause Samples
On SOFR Advances. Interest on each SOFR Advance shall be computed for the actual number of days elapsed on the basis of a hypothetical year of three hundred sixty (360) days and shall be payable in arrears on (x) the Payment Date for such Advance, and (y) if the Interest Period for such Advance is greater than three (3) months, on the last day of each three (3) month period ending prior to the Payment Date for such Advance and on the Payment Date for such Advance. Interest on SOFR Advances then outstanding shall also be due and payable on the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising under this Agreement and the other Loan Documents). Interest shall accrue and be payable on each SOFR Advance at a rate per annum equal to the sum of (A) the Adjusted Term SOFR applicable to such SOFR Advance and (B) the Applicable Margin for SOFR Advances.
On SOFR Advances. Interest on each SOFR Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed and shall be payable at the SOFR Basis for such Advance, in arrears on the applicable Payment Date, and, in addition, if the Interest Period for a SOFR Advance exceeds three (3) months, interest on such SOFR Advance shall also be due and payable in arrears on every three (3) month anniversary of the beginning of such Interest Period. Interest on SOFR Advances then outstanding shall also be due and payable on the Term Loan Maturity Date.