Daily SOFR Option definition

Daily SOFR Option means the option of the Borrower to have Revolving Credit Loans bear interest at the rate and under the terms specified in Section 4.1(a)(i).

Daily SOFR Option means the option of the Borrower to have Swing Loans bear interest at the rate and under the terms specified in Section 4.1.2 [Swing Loan Interest Rate].

Daily SOFR Option means the option of the Borrower to have portions of the advances bear interest at a rate based on Daily SOFR, if such Option is provided in the paragraph entitled “Interest Rate” above.

Examples of Daily SOFR Option in a sentence

• If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the Term SOFR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with Section 2.5, the Borrower shall be deemed to have converted such Borrowing Tranche to the Daily SOFR Option, as applicable to to Revolving Credit Loans commencing upon the last day of the existing Interest Period.

• Interest on Loans to which the Daily SOFR Option applies shall be due and payable in arrears on each Payment Date.

• Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at Daily SOFR Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) without regard to any of the requirements of that provision.

• Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Daily SOFR Option.

More Definitions of Daily SOFR Option

Daily SOFR Option. A fluctuating rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to Daily SOFR Rate, such interest rate to change