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

• Interest accrued on each Daily Simple SOFR Rate Loan (including any Swing Line Loan) shall be payable on the last day of its applicable Interest Period and on any date on which such Daily Simple SOFR Rate Loan is prepaid (or, in the case of a Swing Line Loan, repaid), whether by acceleration or otherwise (including due to Section 2.07(c)(ii) in the case of a Swing Line Loan), and on the Facility Termination Date.

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

• Each Borrowing under the Term Loan II Facility shall be a Daily Simple SOFR Rate Loan and shall be in an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof, and the final Term Advance under the Term Loan II Facility shall be in the amount of the Available Term Loan II Commitments prior to giving effect to such Term Advance.

• Subject to Section 2.10 and Section 2.19, each Term Advance made under the Term Loan II Facility shall be a Daily Simple SOFR Rate Loan.

• Each Borrowing under the Term Loan I Facility shall be a Daily Simple SOFR Rate Loan and shall be in an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof, and the final Term Advance under the Term Loan I Facility shall be in the amount of the Available Term Loan I Commitments prior to giving effect to such Term Advance.

• Subject to Section 2.10 and Section 2.19, each Term Advance made under the Term Loan I Facility shall be a Daily Simple SOFR Rate Loan.

• Subject to Section 2.10 and Section 2.19, each Revolving Advance shall be either a Daily Simple SOFR Rate Loan or a Term SOFR Rate Loan, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2(a) and 2.

• Subject to the provisions of Section 9.2, Borrower may request that Revolving Credit Advances permitted to be made hereunder be Tranche Rate Loans or Daily Simple SOFR Rate Loan and that outstanding portions of Advances made hereunder be converted to Tranche Rate Loans or Daily Simple SOFR Rate Loans.

• Interest on the principal amount of each Loan not constituting an ABR Loan, Quoted Rate Loan, Daily Simple SOFR Rate Loan or Term SOFR Rate Loan or on other monetary Obligation 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).

• If the Borrower fails to give notice pursuant to Section 1.6(a) above of the continuation or conversion of any outstanding principal amount of a Borrowing of EurodollarDaily Simple SOFR Rate Loans before the Interest Payment Date therefor within the period required by Section 1.6(a) and such Borrowing is not prepaid in accordance with Section ​ 1.8(a), the Borrower shall be deemed to have selected that such Borrowing shall automatically be continued as a Borrowing of a Daily Simple SOFR Rate Loan.

More Definitions of Daily Simple SOFR Rate Loan

Daily Simple SOFR Rate Loan means any Advances that accrue interest by reference to the Daily Simple SOFR Rate elected by Borrower in accordance with Section 2.5(a) of the Agreement and the other terms of the Agreement. “Default” means any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default. “Default Rate” has the meaning ascribed to it in Section 2.4(c) of the Agreement. “Deposit Accounts” means all “deposit accounts” as such term in defined in the Code, now or hereafter held in the name of any Loan Party. “Documents” means all rights, titles and interests of each Loan Party in such Loan Party’s “documents,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located. “DOE” means the United States Department of Education and any successor agency administering Title IV Programs. “Dollars” or “$” means lawful currency of the United States of America. “Domestic Subsidiary” means any Subsidiary organized within the United States of America.

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