Examples of Daily Simple SOFR Rate in a sentence
Interest on the Loans shall be calculated at the Base Rate plus the Applicable Margin for Base Rate Borrowings except where it is expressly provided pursuant to this Agreement that the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate is to apply.
Provided no Event of Default has occurred and is continuing and subject to the provisions of Section 3.5, Borrower may elect to have the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate apply or continue to apply to all or any portion of the principal balance of the Revolving Notes, other than the Swing Loan Note.
Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the Adjusted Daily Simple SOFR Rate, plus 1.00%, so long as Daily Simple SOFR is offered, ascertainable and not unlawful; provided, however, if the Base Rate as determined above would be less than one percent (1.00%), then such rate shall be deemed to be one percent (1.00%).
If at any time the Agent makes a determination under Section 3.5(a) and the Borrower has previously notified the Agent of its selection of, conversion to or renewal of a Term SOFR Rate Option or a Daily Simple SOFR Rate Option, as applicable, and such Interest Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans.
Section 3.5(e) of this Agreement provides a mechanism for determining an alternative rate of interest in the event that the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR Rate is no longer available or in certain other circumstances.