SOFR Advance definition

SOFR Advance means an Advance that bears interest at a rate based on Term SOFR.

SOFR Advance or “SOFR Loan” means an Advance or Loan which, except as otherwise provided in Section 2.11, bears interest based on Term SOFR. SOFR Advances and SOFR Loans shall be denominated in Dollars.

SOFR Advance means an Advance that bears interest as provided in Section 2.07(b).

Examples of SOFR Advance in a sentence

• Each SOFR Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at a rate per annum equal to Term SOFR plus the Applicable Margin.

• No Borrower shall request a SOFR Advance, Eurocurrency Advance or a XXXXX Advance, in each case that is a Revolving Borrowing if, after giving effect to such requested Advance, more than fifteen (15) Interest Periods would be in effect in respect of Revolving Borrowings (unless such limit has been waived by the Administrative Agent in its sole discretion).

• The applicable Borrower shall select the Type of Advance and, in the case of each SOFR Advance or Eurocurrency Advance, the Interest Period applicable thereto from time to time.

• Interest accrued on each Daily Simple SOFR Advance shall be payable in arrears on each Payment Date, on any date on which the Daily Simple SOFR Advance is prepaid, whether by acceleration or otherwise, on any date on which the Daily Simple SOFR Advance is required to be repaid and on the Facility Termination Date.

• Each Daily Simple SOFR Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made, to but excluding the date that it is paid, at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin.

More Definitions of SOFR Advance

SOFR Advance means a Term SOFR Advance and/or a Daily Simple SOFR Advance, as the context may require.

SOFR Advance means an Advance that bears interest as provided in Section 2.5(ii).

SOFR Advance means an Advance bearing interest at a rate based on Adjusted Term SOFR as provided in Section 2.07(b).

SOFR Advance means (x) (i) any Advance made as a SOFR Advance in accordance with Section 2.02(b) and (ii) not converted into a Base Rate Advance in accordance with Section 2.02(c) and (y) any Advance converted from a Base Rate Advance to a SOFR Advance in accordance with Section 2.02(c). For the avoidance of doubt, the Borrower may convert (x) a SOFR Advance with a three-month maturity to a SOFR Advance with a one-month maturity and (y) a SOFR Advance with a one-month maturity to a SOFR Advance with a three-month maturity, in each case, subject to Breakage Fees if not converted at the end of the applicable Interest Period.

SOFR Advance means an Advance that bears interest as provided in Section 2.4(ii).

SOFR Advance means any Advance bearing interest at rates based upon Adjusted Term SOFR (other than pursuant to clause (c) of the definition of “Base Rate”).

SOFR Advance means each portion of a Revolving Loan that bears interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "Adjusted Base Rate").