Daily SOFR Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily SOFR. “Debtor Relief Laws” means the Bankruptcy Code of the United States, 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 or other applicable jurisdictions from time to time in effect. “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the highest Applicable Rate (regardless of Leverage Ratio), if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar RateTerm SOFR Loan, the Default Rate shall be an interest rate equal to the interest rate (including highest Applicable Rate (regardless of Leverage Ratio)) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the highest Applicable Rate (regardless of Leverage Ratio) plus 2% per annum. “Defaulting Lender” means, subject to Section 2.15(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 Administrative Agent and Borrower in writing that such failure is the result of such Xxxxxx’s 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 Administrative Agent, L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of
Examples of Daily SOFR Loan in a sentence
Revolving Credit Loans may be Base Rate Loans, Term SOFR Loans or a Daily SOFR Loan, as further provided herein.
More Definitions of Daily SOFR Loan
Daily SOFR Loan. Any Revolving Loan which bears interest at Daily Simple SOFR, other than pursuant to clause (c) of the definition of Base Rate.
Daily SOFR Loan means a Loan that bears interest at a rate based on Daily Simple SOFR. All Daily SOFR Loans must be denominated in Dollars. “Debt Rating” has the meaning specified in the definition of “Applicable Rate”.
Daily SOFR Loan means a Loan which bears interest as provided in Section 2.08(a)(vi). All Daily SOFR Loans shall be denominated in
Daily SOFR Loan as applicable, in this Agreement and the other Loan Documents shall be deemed to refer to “Base Rate” and “Base Rate Loan”. 3.03
Daily SOFR Loan means a Loan denominated in Dollars, the rate of interest applicable to which is based upon Adjusted Daily SimpleSOFR.