SOFR-Based Rate definition

SOFR-Based Rate means SOFR or Term SOFR.

SOFR-Based Rate means SOFR, Compounded SOFR or Term SOFR.

SOFR-Based Rate has the meaning specified in Section 3.03(b).

Examples of SOFR-Based Rate in a sentence

• In connection with the use or administration of any SOFR-Based Rate, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

• The Lenders, together with their respective Affiliates and other related entities, may engage in transactions that affect the calculation of any SOFR Reference Rate, any SOFR-Based Rate (for any Interest Period, as applicable), any alternative, successor or replacement rate of any of the foregoing (including, without limitation, any Benchmark Replacement), and/or any relevant adjustments to any of the foregoing, in each case, in a manner adverse to the Borrower.

• An area surfaced for the purpose of storing one (1) parked automobile.

• In connection with the use or administration of any SOFR-Based Rate, Lender will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

• For clarity, the accrual of interest pursuant to the Revolver Note has been based on the Daily Simple SOFR-Based Rate since the Second Modification Effective Date, and the modification set forth in this Section 2.2 is retroactive to the Second Modification Effective Date.

More Definitions of SOFR-Based Rate

SOFR-Based Rate means SOFR or TermSOFR Determination Date” has the meaning specified in the definition of “Daily Simple SOFR”.

SOFR-Based Rate means Daily Simple SOFR and the Term SOFR Reference Rate, as applicable.

SOFR-Based Rate means SOFR or Term SOFRSOFR Adjustment” means 0.10% (10.00 basis points) per annum.

SOFR-Based Rate means SOFR, Compounded SOFR or Term SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

SOFR-Based Rate means SOFR, Compounded SOFR or Term SOFR. “Solvent” means, with respect to any Person and its Subsidiaries on a consolidated basis on a particular date, that on such date (a) at fair valuations, all of the properties and assets of such Person and its Subsidiaries are greater than the sum of the debts, including contingent liabilities, of such Person and its Subsidiaries, on a consolidated basis, (b) the present fair saleable value of the properties and assets of such Person and its Subsidiaries is not less than the amount that would be required to pay the probable liability of such Person and its Subsidiaries on its debts as they become absolute and matured, on a consolidated basis, (c) such Person and its Subsidiaries, on a consolidated basis, is able to realize upon its properties and assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person and its Subsidiaries, on a consolidated basis, does not intend to, and does not believe that it will, incur debts beyond such Person’s and its Subsidiaries’ ability to pay as such debts mature, and (e) such Person and its Subsidiaries, on a consolidated basis, is not engaged in a business or a transaction, and is not about to engage in a business or transaction, for which such Person’s or its Subsidiaries’ properties and assets would constitute unreasonably small capital after giving due consideration to the prevailing practices in the industry in which such Person or its Subsidiaries is engaged. “Specified Bank Product Amount” or “Specified Bank Product Amounts” have the meanings set forth in the definition of “Specified Bank Products”; provided that at no such time shall the Specified Bank Product Amounts exceed $25,000,00050,000,000. “Specified Bank Products” shall mean any Bank Product for which the applicable Lender (or its Affiliate) and the Parent Borrower have provided the Agent written notice of: (a) the existence and nature of the accommodation that is to be a “Specified Bank Product”, (b) with respect to each Specified Bank Product, the Lender’s (or its Affiliate’s) and the Parent Borrower’s agreement as to the maximum dollar amount of the applicable Borrower’s obligations arising under such Specified Bank Product (each such amount, the “Specified Bank Product Amount” and, collectively, all such amounts, the “Specified Bank Product Amounts”) that shall be included in the Bank Product Reserves, and (c) the me...

SOFR-Based Rate means a rated based on SOFR, including Daily Simple SOFR or Term SOFR.

SOFR-Based Rate means, with respect to any Interest Period, the per annum interest rate which is equal to the sum of (i) the Applicable Margin plus (ii) the rate per annum equal to the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator) on the administrator’s website (or any successor source for the secured overnight financing rate identified as such by the administrator) (the “SOFR Screen Rate”) at or about 8:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical) as determined for each Interest Period, two (2) Business Days prior to the beginning of such Interest Period with a term equal to the relevant Interest Period for such indebtedness, plus .10%; provided that, except for a determination by Bank pursuant to Section 10.2 or Section 10.3 herein, if such rate is not published on such determination date then the SOFR-based Rate will be based on the SOFR Screen Rate on the first Business Day immediately prior thereto; provided, further, and notwithstanding anything to the contrary set forth in this Agreement, if at any time the SOFR-based Rate would otherwise be less than .25% per annum, then the SOFR-based Rate shall be deemed to be .25% per annum for all purposes of this Agreement.