SOFR Advance definition

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

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

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.

Examples of SOFR Advance in a sentence

• In the case of any such prepayment of a SOFR Advance, the applicable Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.4(d).

• Upon notice thereof by the Agent to the Borrowers, any obligation of the Lenders to make SOFR Advances, and any right of the Borrowers to convert any Loan to or continue any Loan as a SOFR Advance, shall be suspended (to the extent of the affected SOFR Advances or the affected Interest Periods) until the Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice.

• Thereafter, until each affected Lender notifies the Agent and the Agent notifies the Borrower that the circumstances giving rise to such determination no longer exist, (i) any obligation of the Lenders to make SOFR Advances, and any right of the Borrower to convert any Loan to a SOFR Advance or continue any Loan as a SOFR Advance, shall be suspended and (ii) if necessary to avoid such illegality, the Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”.

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

SOFR Advance means an Advance in US Dollars made by the Lenders to the Borrower bearing interest based on Adjusted Term SOFR.

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 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").

SOFR Advance a Borrowing comprised of Loans bearing interest at a rate determined by reference to the Term SOFR Reference Rate.

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).