SOFR Floor definition

SOFR Floor means a rate of interest per annum equal to zero basis points (0.00%).

SOFR Floor means a rate of interest per annum equal to 0 basis points (0.00%).

SOFR Floor means a rate of interest per annum equal to 2.00%.

Examples of SOFR Floor in a sentence

• If Daily Simple SOFR as determined above would be less than the SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR Floor.

• As used in this Agreement, the following terms shall have the meanings set forth below: “Adjusted Daily Simple SOFR Rate” means, for purposes of any calculation, the rate per annum equal to the greater of (a) the sum of (i) Daily Simple SOFR for such calculation plus (ii) the SOFR Adjustment and (b) the SOFR Floor.

• If the SOFR would be less than the SOFR Floor, the SOFR will be deemed to be the SOFR Floor for the purpose of this Debenture.

• Adjusted Term SOFR Rate shall mean the Term SOFR Rate, plus the SOFR Adjustment; provided that if the Adjusted Term SOFR Rate as so determined shall ever be less than the SOFR Floor, then the Adjusted Term SOFR Rate shall be deemed to be the SOFR Floor.

• If the Term SOFR Rate, determined as provided above, would be less than the SOFR Floor, then the Term SOFR Rate shall be deemed to be the SOFR Floor.

More Definitions of SOFR Floor

SOFR Floor means 0.00%.

SOFR Floor means a rate of interest per annum equal to one percent (1.00%).

SOFR Floor means a rate of interest per annum equal to zero basis points (0.00%). “SOFR Reserve Percentage” means, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to SOFR funding.

SOFR Floor means a rate of interest per annum equal to 100 basis points (1.00%).

SOFR Floor means a rate of interest per annum equal to zero basis points (0%). “SPE” means any special purpose Subsidiary established in connection with any Accounts Receivable Securitization. “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholdings), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion). “Term SOFR Rate” means, with respect to any calculation with respect to a Term SOFR Rate Advance, for any Interest Period, the sum of (i) the Term SOFR Reference Rate for a tenor comparable to such Interest Period, as such rate is published by the Term SOFR Administrator on the day (the “Term SOFR Determination Date”) that is two (2) Business Days prior to the first day of such Interest Period and (ii) the SOFR Adjustment for such Interest Period. If the Term SOFR Reference Rate for the applicable tenor has not been published and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate shall be the Term SOFR Reference Rate for such tenor on the first Business Day preceding such Term SOFR Determination Date for which such Term SOFR Reference Rate for such tenor was published in accordance herewith, so long as such first preceding Business Day is not more than three (3) Business Day...

SOFR Floor means for the purposes of any calculation, a rate of interest equal to 1.00%.

SOFR Floor means a rate of interest equal to 3.0% per annum;