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

• Interest accrued on each Term SOFR Advance having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period.

• Interest accrued on each Term SOFR Advance shall be payable on the last day of its applicable Interest Period, on any date on which the Term SOFR Advance is prepaid, whether by acceleration or otherwise, and at maturity.

• The Administrative Agent will notify each Lender of the Adjusted Term SOFR Rate applicable to each Term SOFR Advance and the Eurocurrency Rate applicable to each Eurocurrency Advance, in each case, promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

• Interest accrued on that portion of the outstanding principal amount of any Alternate Base Rate Advance converted into a Term SOFR Advance on a day other than a Payment Date shall be payable on the date of conversion.

• Each Alternate Base Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted from a Term SOFR Advance into an Alternate Base Rate Advance pursuant to Section 2.9, to but excluding the date it is paid or is converted into a Term SOFR Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Alternate Base Rate for such day.

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 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 (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 (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).

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