Daily Simple SOFR Advance definition

Daily Simple SOFR Advance means an Advance that bears interest at a rate based on Daily Simple SOFR.
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Daily Simple SOFR Advance means an Advance comprised of Daily Simple SOFR Loans.
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Daily Simple SOFR Advance means an Advance that bears interest as provided in Section 2.04(a)(iii).
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Examples of Daily Simple SOFR Advance in a sentence

  • In no event shall the Borrower be permitted to request pursuant to this Section 2.09 a Daily Simple SOFR Advance prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to Term SOFR (it being understood and agreed that Daily Simple SOFR shall only apply to the extent provided in Section 2.08(c)(i)).

  • During such periods as such Advance is a Daily Simple SOFR Advance, a rate per annum equal to all times to the sum of (x) the Daily Simple SOFR rate applicable to such Advances, as in effect from time to time (it being understood that Daily Simple SOFR shall be determined on a daily basis) plus (y) the Applicable Margin in effect from time to time, payable in arrears on the last Business Day of each calendar month and the Termination Date, in each case payable in Dollars.

  • During such periods as such Revolving Advance is a Daily Simple SOFR Advance, a rate per annum equal at all times to the sum of (x) Daily Simple SOFR plus (y) the Applicable Rate for Daily Simple SOFR 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 Daily Simple SOFR Advance shall be Converted or paid in full.

  • During such periods as such Advance is a Daily Simple SOFR Advance (selected in accordance with the applicable Notice of Borrowing), a rate per annum equal at all times to the sum of (x) Adjusted Daily Simple SOFR in effect from time to time plus (y) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last day of each February, May, August and November during such periods and on the date such Daily Simple SOFR Advance shall be Converted or paid in full.

  • Each Term SOFR Advance shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), and each ABR Advance or Daily Simple SOFR Advance shall be in the minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess thereof), provided, however, that any ABR Advance or Daily Simple SOFR Advance may be in the amount of the Borrowing Base Availability.

  • Subject to any deemed request pursuant to Section 3.01(h), no Request for Advance shall request a Daily Simple SOFR Advance unless the then-current Benchmark is Daily Simple SOFR.

  • Each LIBOR Rate) and (Y) for a Daily Simple SOFR Advance, the rate per annum equal to Adjusted Daily Simple SOFR in effect from time to time plus the Applicable Margin for such Class of Daily Simple SOFR Advances (it being understood that changes in the rate of interest on that portion of any Advance maintained as a Daily Simple SOFR Advance will take effect simultaneously with each change in Daily Simple SOFR).

  • Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part of a Base Rate Advance into a Term SOFR Advance or a Daily Simple SOFR Advance, a Daily Simple SOFR Advance into a Term SOFR Advance or a Base Rate Advance, or a Term SOFR Advance into a Daily Simple SOFR Advance or a Base Rate Advance.

  • Notwithstanding anything herein to the contrary, (i) no Borrower may select Term SOFR Advances for any Borrowing if the obligation of the Lenders to make Term SOFR Advances shall then be suspended pursuant to Section 2.06(b), 2.08 or 2.13, and (ii) in no event shall any Borrower be permitted to request a Daily Simple SOFR Advance (it being understood and agreed that Adjusted Daily Simple SOFR shall only apply to the extent provided in Section 2.08(a) and Section 2.08(b)(v)).

  • During the existence of an Event of Default, the Administrative Agent or the Required Lenders may require that (i) no Advances may be requested as, or converted to, Term SOFR Advances and (ii) unless repaid, each Term SOFR Advance be converted to a Daily Simple SOFR Advance on the last day of the applicable Remittance Period.


More Definitions of Daily Simple SOFR Advance

Daily Simple SOFR Advance means a Loan or an Advance that bears interest at a daily rate based on the definition of “Daily Simple SOFR” in an amount not less than the Daily Simple SOFR Borrowing Minimum or the Daily Simple SOFR Borrowing Multiple in excess thereof. All Daily Simple SOFR Loans shall be denominated in Dollars.
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Daily Simple SOFR Advance means a Term Advance which bears interest at Adjusted Daily Simple SOFR requested by the Borrower pursuant to Section 2.2.
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Daily Simple SOFR Advance if such Revolving Credit Advance is a Daily Simple SOFR Loan; or (iii) a “Term SOFR Advance” if such Revolving Credit Advance is a Term SOFR Loan. “Revolving Credit Borrowing” means borrowing hereunder consisting of Revolving Credit Advances made to Borrower at the same time by the Banks pursuant to Section
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Daily Simple SOFR Advance means a Borrowing comprised of Daily Simple SOFR Loans. “Daily Simple SOFR Loan” means each Loan bearing interest at a rate based upon Daily Simple SOFR Rate. “Daily Simple SOFR Rate” means Adjusted Daily Simple SOFR plus the SOFR Applicable Margin in effect from time to time. “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. “Default” means an event described in Article VII. “Defaulting Lender” means, subject to Section 10.14, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the - 13 - US_ACTIVEActive\121281000\V-110 Borrower in writing that such failure is the result of such Xxxxxx’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Bank, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Xxxxxx’s obligation to fund a Loan hereunder and states that such position is based on such Xxxxxx’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirm...
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Daily Simple SOFR Advance means a Revolving Advance denominated in Dollars which bears interest as provided in Section 2.10(e).
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Daily Simple SOFR Advance means any Loan Advance for which the Benchmark is based on Daily Simple SOFR.
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Related to Daily Simple SOFR Advance

  • Daily Simple SOFR means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

  • Adjusted Daily Simple SOFR means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

  • Daily Simple XXXXX means, for any calendar day (an “RFR Rate Day”), a rate per annum equal to Spread Adjusted XXXXX for the day (such day “i”) that is five Business Days prior to (A) if such RFR Rate Day is a Business Day, such RFR Rate Day or (B) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, as such XXXXX is published by the XXXXX Administrator on the XXXXX Administrator’s Website. If by 5:00 P.M. (London time) on the second Business Day immediately following any day “i”, XXXXX in respect of such day “i” has not been published on the XXXXX Administrator’s Website and a Benchmark Replacement Date with respect to XXXXX has not occurred, then XXXXX for such day “i” will be XXXXX as published in respect of the first preceding Business Day for which XXXXX was published on the XXXXX Administrator’s Website; provided that XXXXX as determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple XXXXX for no more than ten consecutive RFR Rate Days (in which case it will be deemed to have become “impractical” for all Banks to determine interest rates based on XXXXX). Any change in Daily Simple XXXXX due to a change in XXXXX shall be effective from and including the effective date of such change in XXXXX without notice to Borrower. Notwithstanding the foregoing, if Daily Simple XXXXX as determined under any method above would be less than zero (0.00), such rate shall be deemed to be zero (0.00) for purposes of this Agreement.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Term SOFR Rate means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

  • Gross advance amount means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration.

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR.