Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR.
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. “Debt Rating” means, as of any date of determination, the rating as determined by S&P, Xxxxx’x and/or Fitch for the Borrower’s or the Parent’s non-credit-enhanced, senior unsecured long-term debt. “Debtor Relief Laws” means the Bankruptcy Code, 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 and affecting the rights of creditors generally. “Default” means any event, act or condition that, with notice, the passage of time, or both, would constitute an Event of Default. “Default Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate for Base Rate Loans as set forth in the Pricing Level 5 of the definition of “Applicable Rate” plus (c) 2% per annum; provided, however, that with respect to a Term SOFR Rate Loan, the Default Rate shall be an interest rate equal to (x) the interest rate (assuming Pricing Level 5 in the definition of “Applicable Rate”) otherwise applicable to such Loan plus (y) 2% per annum, in each case to the fullest extent permitted by applicable Law. “Defaulting Lender” means, subject to Section 2.14(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’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 the Administrative Agent, the L/C Issuers 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 the Borrower, the Administrative Agent, the L/C Issuers in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Xxxxxx’s
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. Debt of any Person means at any date, without duplication (and calculated in accordance with GAAP), (a) all obligations of such Person for borrowed money (whether as a direct obligation on a promissory note, bond, zero coupon bond, debenture, or other similar instrument, or as an unfulfilled reimbursement obligation on a drawn letter of credit or similar instrument, or otherwise), including, without duplication, all Capital Lease obligations (other than the interest component of such obligations) of such Person, (b) all obligations of such Person to pay the deferred purchase price of property or services, other than (i) obligations under employment contracts or deferred employee compensation plans and (ii) trade accounts payable and other expenses or payables arising in the ordinary course of business, (c) all Debt of others secured by a Lien on any asset of such Person (or for which the holder of the Debt has an existing Right, contingent or otherwise, to be so secured), whether or not such Debt is assumed by such Person, and (d) all guaranties and other contingent obligations (as a general partner or otherwise) of such Person with respect to Debt of others; provided, that repayment or reimbursement obligations of the Restricted Companies with respect to Permitted Recourse Obligations shall not be considered Debt unless and until an event or circumstance occurs that triggers such Restricted Company’s direct payment liability or reimbursement obligation (as opposed to contingent or performance obligations) to the lender or other party to whom such Permitted Recourse Obligation is actually owed, in which case the amount of such direct payment liability to such lender or other party shall constitute Debt; provided, that the satisfaction of performance obligations by any Restricted Company on behalf of any Unrestricted Subsidiary under a Completion Guaranty shall not constitute Debt.
Examples of Daily SOFR Rate Loan in a sentence
Each Loan shall be made as Daily SOFR Rate Loan unless it is illegal for the Bank to make Daily SOFR Rate Loans or the Daily SOFR Rate is unavailable, in either of which case, such Loan shall be made as a Base Rate Loan.
More Definitions of Daily SOFR Rate Loan
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for thebenefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicablejurisdictions from time to time in effect.
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. “Debt Rating” means the long-term unsecured senior, non-credit enhanced debt rating of Parent or Borrower by S&P, Moody’s or Fitch.
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. “Debt Rating” means the long-term unsecured senior, non-credit enhanced debt rating of Parent or Borrower by S&P, Moody’s or Fitch.
Daily SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Daily Simple SOFR. “Debt Rating” means the long-term unsecured senior, non-credit enhanced debt rating of Parent or Borrower by S&P, Moody’s or Fitch.