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

• Such interest is payable by the Borrower in arrears on each Interest Payment Date and, to the extent such Daily Simple SOFR Advance is then outstanding, on the Final Maturity Date (whether by acceleration or otherwise).

• Such interest is payable by the Borrower in arrears on each Interest Payment Date and, to the extent such Term SOFR Advance is then outstanding, on the Final Maturity Date (whether by acceleration or otherwise).

• The rate of interest payable on Prime Rate Advances, US Base Rate Advances, Term SOFR Advances, Daily Simple SOFR Advance, Daily Compounded XXXXX Advances and Xxxx XXXXX Advances will change automatically with changes in the Prime Rate, US Base Rate, Term XXXXX, Daily Compounded XXXXX, Daily Simple SOFR and Term SOFR, as the case may be, without the necessity of any notice to the Borrower.

• If any such conversion of any SOFR Advance occurs on a day that is not a Payment Date, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 6.4.

• Each Daily Simple SOFR Advance must be for a SOFR Interest Period of 1 or 3 months, subject to availability.

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

SOFR Advance means a Discretionary Draw Advance bearing interest at a rate determined by reference to SOFR 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).

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