SOFR Administrator Sample Clauses
The SOFR Administrator clause defines the entity responsible for calculating and publishing the Secured Overnight Financing Rate (SOFR), which is commonly used as a benchmark interest rate in financial contracts. This clause typically specifies the official body, such as the Federal Reserve Bank of New York, that determines and disseminates SOFR data, and may outline procedures to follow if the administrator changes or ceases to publish the rate. Its core function is to ensure clarity and consistency in referencing the correct source for SOFR, thereby reducing ambiguity and potential disputes over interest rate calculations in the contract.
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SOFR Administrator. The Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time that is satisfactory to the Administrative Agent.
SOFR Administrator. The Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
SOFR Administrator the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). SOFR Floor - a rate of interest equal to one percent (1.0%) per annum.
SOFR Administrator the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). SOFR Borrowing - as to any Borrowing, the SOFR Loans comprising such Borrowing. SOFR Loan - a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. SOFR Loan Prepayment Fee - as defined in Section 5.5.1. Solvent - as to Parent and Restricted Subsidiaries on a consolidated basis on any date of determination, (a) the fair value of the assets of Parent and Restricted Subsidiaries, on a consolidated basis (on a going concern basis), exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value (on a going concern basis) of the property of Parent and Restricted Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other DOCPROPERTY DOCXDOCID DMS=InterwovenIManage Format=<<NUM>>v<<VER>> PRESERVELOCATION \* MERGEFORMAT 11055505v9 liabilities become absolute and matured in the ordinary course of business; (c) Parent and Restricted Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured; and (d) Parent and Restricted Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. Specified Event of Default - any Event of Default under Section 11.1(a), 11.1(b) (solely to the extent arising from a material breach of any certification, representation or warranty made or deemed made by Administrative Borrower in any Borrowing Base Certificate), 11.1(c) (solely to the extent arising with respect to a breach of Section 8.l, 8.3, 10.1.10 or 10.2.10 (during a Financial Covenant Trigger Period)), 11.1(f) (solely to the extent arising from a payment default or acceleration under any such document, instrument or agreement), 11.1(i) or 11.1(j). Specified Pension Fund Obligations - the payment obligations due from Parent and/or its applicable Subsidiaries to the Pension Fund Entities under the terms and conditions of the Contribution Deferral Agreement.