SOFR Bid Margin definition

SOFR Bid Margin means, (i) for SOFR Margin Bid Loans based upon the Term SOFR Rate, the margin above or below the Adjusted Term SOFR Rate to be added to or subtracted from the Adjusted Term SOFR Rate, which margin shall be expressed in multiples of 1/100th of one basis point and (ii) for SOFR Margin Bid Loans based upon Daily Simple SOFR, the margin above or below the Adjusted Daily Simple SOFR Rate to be added to or subtracted from the Adjusted Daily Simple SOFR Rate, which margin shall be expressed in multiples of 1/100th of one basis point.

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SOFR Bid Margin means the margin above or below the Term SOFR to be added to or subtracted from the Term SOFR, which margin shall be expressed in multiples of 1/100th of one basis point.

SOFR Bid Margin has the meaning specified in Section 2.02(c)(2)(iii). “SOFR Bid Rate” means a rate per annum equal to the sum of (1) the Term SOFR for a Bid Rate Loan with the applicable Interest Period and (2) the SOFR Bid Margin. “SOFR Loan” means any Daily Simple SOFR Loan or Term SOFR Loan. “Solvency Certificate” means a certificate in substantially the form of EXHIBIT D, to be delivered by Borrower pursuant to the terms of this Agreement. “Solvent” means, when used with respect to any Person, that (1) the fair value of the property of such Person, on a going concern basis, is greater than the total amount of liabilities (including, without limitation, contingent liabilities) of such Person; (2) the present fair saleable value of the assets of such Person, on a going concern basis, is not less than the amount that will be required to pay the probable liabilities of such Person on its debts as they become absolute and matured; (3) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; (4) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged; and (5) such Person has sufficient resources, provided that such resources are prudently utilized, to satisfy all of such Person’s obligations. Contingent liabilities will be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors. “SPE” means, with respect to a Subsidiary, that such Subsidiary is subject to customary limitations in its organizational documents intended to make such Subsidiary a single purpose, bankruptcy remote entity. “SPTs” means as provided in Section 12.02(d). “Stock Holdings” means Investments in Persons that are not Unconsolidated Affiliates or Subsidiaries.

Examples of SOFR Bid Margin in a sentence

Not later than 10:00 a.m. (i) on the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) three (3) Business Days prior to the requested date of any Bid Borrowing that is to consist of SOFR Bid Margin Loans, the Administrative Agent shall notify the Borrower of the identity of each Revolving Credit Lender that has submitted a Competitive Bid that complies with Section 2.03(c) and of the terms of the offers contained in each such Competitive Bid.
The Borrower may request the submission of Competitive Bids by delivering a Bid Request to the Administrative Agent not later than 11:00 a.m. (i) one (1) Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) four (4) Business Days prior to the requested date of any Bid Borrowing that is to consist of SOFR Bid Margin Loans.
Each Bid Loan shall bear interest on the outstanding principal amount thereof for the Interest Period therefor at a rate per annum equal to the Term SOFR Rate for such Interest Period plus (or minus) the SOFR Bid Margin, or at the Absolute Rate for such Interest Period, as the case may be.
Competitive Bid Rate shall mean the rate of interest applicable to any Competitive Bid Loan, which shall be equal to the Adjusted Term SOFR Rate for the Interest Period applicable to such Competitive Bid Loan, plus or minus the applicable SOFR Bid Margin.

More Definitions of SOFR Bid Margin

SOFR Bid Margin has the meaning specified in Section 2.02(c)(2)(iii).