SOFR Rate Loans Sample Clauses
The SOFR Rate Loans clause defines the terms under which loans are calculated and accrue interest based on the Secured Overnight Financing Rate (SOFR), a benchmark interest rate for dollar-denominated loans. This clause typically outlines how the SOFR is determined, how often it is reset, and any applicable adjustments or spreads added to the rate. By specifying the use of SOFR, the clause ensures transparency and consistency in interest calculations, replacing older benchmarks like LIBOR and reducing uncertainty for both lenders and borrowers.
SOFR Rate Loans. During such periods as such Loan is a SOFR Rate Loan, a rate per annum equal at all times during each Interest Period for such Loan to the sum of (x) Adjusted Term SOFR for such Interest Period for such Loan plus (y) the Applicable Margin for SOFR Rate Loans in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such SOFR Rate Loan shall be Converted or paid in full.
SOFR Rate Loans. To the extent applicable:
(i) For SOFR Rate Loans in connection with which the Borrower has incurred or may incur Hedging Obligations, additional obligations may be associated with prepayment, in accordance with the terms and conditions of the applicable Hedging Contracts. The Borrower shall give the Administrative Agent, no later than 10:00 a.m. (prevailing time in Pittsburgh, Pennsylvania) at least four (4) Business Days' notice of any proposed prepayment of any SOFR Rate Loan, specifying the proposed date of payment of such SOFR Rate Loan (which date shall be a Business Day), a statement indicating the application of the prepayment of Loans to which the Term SOFR Interest Rate applies, and the principal amount to be paid. Each partial prepayment of the principal amount of a SOFR Rate Loan shall be in an integral multiple of One Hundred Thousand Dollars ($100,000.00) and accompanied by the payment of all charges outstanding on such SOFR Rate Loan and of all accrued interest on the principal repaid to the date of payment.
(A) any default by the Borrower in making any borrowing of any SOFR Rate Loan following the Borrower's delivery of a Notice of Borrowing hereunder or (B) any prepayment of a SOFR Rate Loan on any day that is not the last day of the SOFR Interest Period (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), the Borrower shall pay an amount ("SOFR Breakage Fee"), as calculated by the Administrative Agent, equal to the amount of any losses, expenses and liabilities (including any loss of margin and anticipated profits) that the Lenders may sustain as a result of such default or payment. Borrower understands, agrees and acknowledges that: (x) the Administrative Agent and the Lenders do not have any obligation to purchase, sell and/or match funds in connection with the use of Term SOFR as a basis for calculating the rate of interest on a SOFR Rate Loan, (y) Term SOFR may be used merely as a reference in determining such rate, and (z) Borrower has accepted Term SOFR as a reasonable and fair basis for calculating the SOFR Breakage Fee and other funding losses incurred by the Lenders. Borrower further agrees to pay the SOFR Breakage Fee and other funding losses, if any, whether or not any Lender elects to purchase, sell and/or match funds.
(ii) All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal ...
SOFR Rate Loans. Subject to the provisions of subsection (c) and the limitations on the Maximum Rate set forth in Section 2.12 below, each SOFR Rate Loan will bear interest on the outstanding principal amount thereof at a rate per annum equal to the sum of (A) the SOFR Rate as in effect from time to time, plus (B) the Applicable Rate, as in effect from time to time, from the date such Loan is advanced or created by conversion from a Floating Rate Loan, until maturity (whether by acceleration or otherwise). The SOFR Rate shall be reset on the first day of each month (herein, each a “Change Date”) and remain in effect until the next Change Date.
SOFR Rate Loans. Except as otherwise provided herein, a SOFR Rate Loan may be continued or converted only on the last day of the Interest Period for such SOFR Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as SOFR Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding SOFR Rate Loans be converted immediately to Base Rate Loans.
SOFR Rate Loans. Subject to the provisions of Section 2.06(g), following a USD LIBOR Transition Event, the Loans comprising each SOFR Rate Borrowing, shall bear interest at a rate per annum equal to the then-applicable Benchmark for SOFR Rate Loans plus the Applicable Margin.
SOFR Rate Loans. (i) For SOFR Rate Loans in connection with which the Borrower has incurred or may incur Hedging Obligations, additional obligations may be associated with prepayment, in accordance with the terms and conditions of the applicable Hedging Contracts. The Borrower shall give the Administrative Agent, no later than 10:00 a.m. (prevailing time in Pittsburgh, Pennsylvania) at least four (4) Business Days' notice of any proposed prepayment of any SOFR Rate Loan, specifying the proposed date of payment of such SOFR Rate Loan (which date shall be a Business Day), a statement indicating the application of the prepayment of Loans to which the Base Rate Option applies and Loans to which the SOFR Rate Option applies, and the principal amount to be paid. Each partial prepayment of the principal amount of a SOFR Rate Loan shall be in an integral multiple of One Hundred Thousand Dollars ($100,000.00) and accompanied by the payment of all charges outstanding on such SOFR Rate Loan and of all accrued interest on the principal repaid to the date of payment.
SOFR Rate Loans. The Borrower shall promptly prepay the outstanding principal amount of any such affected SOFR Rate Loans, together with all interest accrued thereon and all other amounts then due and payable to such Lender under this Agreement or, subject to all of the terms and conditions of this Agreement, convert such affected SOFR Rate Loans into Base Rate Loans; provided, however, subject to all of the terms and conditions of this Agreement (unless the affected SOFR Rate Loans are converted into Base Rate Loans), the Borrower may then elect to borrow the principal amount of the affected SOFR Rate Loans from such Lender by means of Base Rate Loans from such Lender, which Base Rate Loans shall not be made ratably by the Lenders but only from such affected Lender.
SOFR Rate Loans