Daily Simple SOFR Borrowing definition

Daily Simple SOFR Borrowing means a Borrowing comprised of Daily Simple SOFR Loans.
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Daily Simple SOFR Borrowing means any Borrowing comprised of Daily Simple SOFR Loans.
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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. Defaulting Lender shall mean, subject to Section 2.11(b), any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to pay over to the Agent, or any Lender, any amount required to be paid by it hereunder, unless such Lender notifies the 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, (b) has notified the Borrower or the Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) has become the subject of a Bankruptcy Event, (d) has become the subject of a Bail-in Action or (e) has failed at any time to comply with the provisions of Section 2.5 with respect to purchasing participations from the other Lenders, whereby such Xxxxxx’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Lenders. Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.11(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, and each Lender.
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Examples of Daily Simple SOFR Borrowing in a sentence

  • Notwithstanding anything to the contrary in Section 2.8, 2.9 or 2.10, during the continuance of a Default or Event of Default, the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrower (which notice can be revoked at the option of the Required Lenders notwithstanding Section 10.2(b)), declare that no Borrowing may be made as, converted into or continued as a Term SOFR Borrowing or a Daily Simple SOFR Borrowing.

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

  • Each Term SOFR Borrowing and Daily Simple SOFR Borrowing shall be in the minimum amount of $1,000,000 and in integral multiples of $100,000, and each Base Rate Borrowing shall be in the minimum amount of $500,000 and in integral multiples of $50,000, except that any Base Rate Borrowing may be in the amount of the Available Aggregate Commitment or, if less, the unused portion of the Borrowing Base.

Related to Daily Simple SOFR Borrowing

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

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Term SOFR Borrowing means a Borrowing comprised of Term SOFR Loans.

  • RFR Borrowing means, as to any Borrowing, the RFR Loans comprising such Borrowing.

  • Fixed Rate Borrowing means a Borrowing comprised of Fixed Rate Loans.

  • Borrowing means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • ABR Borrowing means a Borrowing comprised of ABR Loans.

  • Jumbo Loan means a Mortgage Loan which substantially conforms to the Guidelines except (i) the principal amount thereof may exceed the principal amount of loans which conform to the Guidelines or (ii) for other specified exceptions to the Guidelines that are consistent with the customary practices of the applicable GMAC Originator.

  • Committed Borrowing means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.