Examples of SOFR Advance in a sentence
The Administrative Agent will notify each Lender of the interest rate applicable to each SOFR Advance and each SOFR Market Index Rate Advance (to the extent any such Lender has a funded participation in such SOFR Market Index Rate Advance) promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.
Subject to Section 2.23, the Revolving Loans may be Floating Rate Advances or SOFR Advances selected by the Borrower in accordance with Sections 2.7 and 2.8. Each SOFR Advance shall be in the amount of $5,000,000 or a higher integral multiple of $100,000, and each Floating Rate Advance shall be in the amount of $5,000,000 or a higher integral multiple of $100,000, provided that any Floating Rate Advance may be in the amount of the Available Aggregate Commitment.
Interest accrued on that portion of the outstanding principal amount of any Floating Rate Advance converted into a SOFR Advance on a day other than a Payment Date shall be payable on the date of conversion.
Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a SOFR Advance.