Daily Simple SOFR Borrowing definition

Daily Simple SOFR Borrowing means any Borrowing comprised of Daily Simple SOFR Loans.

Daily Simple SOFR Borrowing a Loan that bears interest at a rate based on Adjusted Daily Simple SOFR. “Debtor Relief Laws”: the Bankruptcy Code, 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, the United Kingdom or other applicable jurisdictions from time to time in effect. “Declined Amount”: as defined in Section 2.12(e). “Default”: any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. “Default Rate”: as defined in Section 2.15(c). “Defaulting Lender”: subject to Section 2.24(b), 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 Borrower in writing that such failure is the result of such Lender’s reasonable 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 Lender, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing Lender or the Swingline Lender 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 reasonable 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...

Daily Simple SOFR Borrowing means any portion of the principal balance of the Loan at any time bearing interest at the Adjusted Daily Simple SOFR Rate (other than pursuant to clause (iii) of the definition of Base Rate). Daily Simple SOFR Rate Option shall have the meaning ascribed thereto in Section 3.3 hereof.

Examples of Daily Simple SOFR Borrowing in a sentence

• If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Daily Simple SOFR Borrowing.

• At the time each Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000.

• For Sweden in specific, the CT terminal density can be classified above the EU average, even though the country does not function as a main transport hub within Europe.

• At the time that each ABR Borrowing or Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Multiple.

• At the time that each ABR Borrowing or, if applicable pursuant to Section 3.08, Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing or a Daily Simple SOFR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitments.

• Each Borrowing shall be in an aggregate principal amount of (i) in the case of Base Rate Loans or, if applicable pursuant to this Agreement, Daily Simple SOFR Loans, $1,000,000 or any larger multiple of $500,000, and (ii) in the case of Term SOFR Loans, $5,000,000 or any larger multiple of $500,000, except that any such Borrowing, whether a Base Rate Borrowing, a Daily Simple SOFR Borrowing or a Term SOFR Borrowing, may be in the aggregate amount of the unused Commitments.

• Such notice shall be irrevocable and shall in each case specify (A) whether the Borrowing then being requested is to be a Term SOFR Borrowing, a Daily Simple SOFR Borrowing or an ABR Borrowing and (B) the date of such Borrowing (which shall be a Business Day and shall constitute a Funding Date) and the amount thereof; provided, however, that each Borrowing shall be in an amount which is an integral multiple of $1,000,000 and not less than $5,000,000.

• The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

• At the time that each ABR Borrowing or Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Revolving Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e).

• The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at a rate per annum equal to Adjusted Daily Simple SOFR plus the Applicable Rate.