Daily Simple SOFR Rate Loan definition

Daily Simple SOFR Rate Loan means a Loan that bears interest at the Adjusted Daily Simple SOFR Rate.

Daily Simple SOFR Rate Loan a Loan that bears interest at a rate based on the Daily Simple SOFR Rate. “Debt Financing”: the debt financing transactions contemplated under (a) the Loan Documents, (b) the Senior Secured Notes Documents and (c) the Camelot ABL Amendment and the ABL Facility Documents entered into in connection therewith, in each case including any Interest Rate Agreements related thereto.

Daily Simple SOFR Rate Loan means a Loan that bears interest at a rate based on the Daily Simple SOFR Rate. “Declined Amount” has the meaning set forth in Section 2.9(d). “Default” means any event that, with the passing of time or the giving of notice or both, would become an Event of Default. “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. § 252.81, 47.2 or 382.1, as applicable. “Defaulting Lender” means, subject to Section 2.20(d), any Lender that (a) has failed to (i) fund all or any portion of its Revolving Loans within two Business Days of the date such Revolving Loans were required to be funded hereunder, or (ii) pay to the Administrative Agent, any Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified Borrower, the Administrative Agent or any Issuer in writing that it does not intend to comply with its funding obligations hereunder, (c) has failed, within five Business Days after written request by the Administrative Agent or Borrower, to confirm in writing to the Administrative Agent and 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 confirmation by the Administrative Agent and Borrower), (d) has or has a Parent Company that has, other than via an Undisclosed Administration (i) become the subject of a Bankruptcy Proceeding, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any Parent Company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the

Examples of Daily Simple SOFR Rate Loan in a sentence

• Upon a conversion from a Term SOFR Rate Loan to a Daily Simple SOFR Rate Loan, interest at the Daily Simple SOFR Rate Option shall commence on the last day of the existing Interest Period.

• If the Borrower fails to duly request the continuation of any Borrowing consisting of Term SOFR Rate Loans on or before the date specified and otherwise in accordance with the provisions of this Section 2.8, then such Term SOFR Rate Loan automatically shall be converted to a Daily Simple SOFR Rate Loan, and interest at the Daily Simple SOFR Rate Option shall commence on the last day of the existing Interest Period.

• Interest on the principal amount of each Loan not constituting a Daily Simple SOFR Rate Loan, Term SOFR Rate Loan, Fixed Rate Term Loan or on any other monetary Obligations shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Maturity Date, upon an accelerated Maturity Date or otherwise).

• The date of funding or conversion of a Term SOFR Rate Loan to a Daily Simple SOFR Rate Loan and the first day of an Interest Period shall be included in the calculation of interest.

More Definitions of Daily Simple SOFR Rate Loan

Daily Simple SOFR Rate Loan means, with respect to Swing Loans, any Advance that bears interest based upon Daily Simple SOFR.

Daily Simple SOFR Rate Loan means, with respect to Swing Loans, any Advance that bears interest based upon Daily Simple SOFR.