SOFR Interest Period or “Term SOFR”, in each case, without the written consent of each Committed Note Purchaser and each Conduit Investor of the Class affected by the amendment;
SOFR Interest Period means, with respect to any SOFR Advance, (a) initially, the period commencing on and including the date of such SOFR Advance and ending on but excluding the next Payment Date and (b) for each period thereafter, the period commencing on and including the Payment Date on which the immediately preceding SOFR Interest Period ended and ending on but excluding the next Payment Date; provided, however, that no SOFR Interest Period may end subsequent to the Legal Final Payment Date for the Class A Notes.
SOFR Interest Period means, in respect of each SOFR Revolving Loan, a period of one, three or six months, or, to the extent available from all applicable Lenders, twelve months or such shorter period (in each case, subject to the availability thereof), with respect to such SOFR Revolving Loan; provided that (i) the SOFR Interest Period shall commence on the date of an advance of or a conversion to a SOFR Revolving Loan and, in the case of immediately successive SOFR Interest Periods, each successive SOFR Interest Period shall commence on the date on which the next preceding SOFR Interest Period expires; (ii) if any SOFR Interest Period would otherwise expire on a day that is not a Business Day, such SOFR Interest Period shall expire on the next succeeding Business Day; provided, that if any SOFR Interest Period with respect to a SOFR Revolving Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such SOFR Interest Period shall expire on the next preceding Business Day; (iii) any SOFR Interest Period with respect to a SOFR Revolving Loan that begins on the last Business Day of a calendar month (or on a day for which there is not numerically corresponding day in the calendar month at the end of such SOFR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such SOFR Interest Period; (iv) no SOFR Interest Period shall extend beyond the Stated Termination Date; and (v) no tenor that has been removed from this definition pursuant to Section 2.9 (Term SOFR Benchmark Replacement) shall be available for specification in such Notice of Borrowing or interest election.
Examples of SOFR Interest Period in a sentence
The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each SOFR Loan or Bankers’ Acceptances, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 7.4 if the deemed payment occurs other than on the last day of the related SOFR Interest Period or B/A Maturity Dates, as applicable.
Interest shall be payable on the last Business Day of such Term SOFR Interest Period.
The Applicable Margin with respect to SOFR Loans for the applicable Term SOFR Interest Period per annum plus Term SOFR, such rate to remain fixed for such Term SOFR Interest Period.
In the case of converting to the Term SOFR Rate Option, such notice shall be given at least 3 Business Days prior to the commencement of any Term SOFR Interest Period.
If Borrower shall fail to select in a timely manner a new Term SOFR Interest Period for any such SOFR Loan in accordance with this Section 3.2(h), such Loan will automatically, on the last day of the current Term SOFR Interest Period therefor, continue as a SOFR Loan with the Term SOFR Interest Period previously selected by Borrower for such Loan.
More Definitions of SOFR Interest Period
SOFR Interest Period pursuant to Section 2.9(d).
SOFR Interest Period means, for any SOFR Amount, a period of one (1) month; provided, however, that: (i) the first day of a SOFR Interest Period must be a Business Day; (ii) no SOFR Interest Period shall extend beyond the maturity date of the credit facility under which the SOFR Amount was made; (iii) no SOFR Interest Period shall extend beyond the scheduled payment date of any principal payment required by the credit facility under which the SOFR Amount was made; (iv) any SOFR Interest Period that would otherwise expire on a day that is not a Business Day shall be extended to the next succeeding Business Day, unless the result of such extension would be to extend such SOFR Interest Period into another calendar month, in which event the SOFR Interest Period shall end on the immediately preceding Business Day; and (v) any SOFR Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such SOFR Interest Period) shall end on the last Business Day of a calendar month.
SOFR Interest Period means a tenor of one month.
SOFR Interest Period means, with respect to any Loan, the period commencing on the date of such Loan and ending on the numerically corresponding day in the calendar month that is one month thereafter; provided that (a) if any SOFR Interest Period would end on a day other than a Business Day, such SOFR Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such SOFR Interest Period shall end on the immediately preceding Business Day and (b) any SOFR Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such SOFR Interest Period) shall end on the last Business Day of the last calendar month of such SOFR Interest Period. For purposes hereof, the date of such Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent continuation of such Loan.
SOFR Interest Period pursuant to clause (iv) of Section 4.4.2 [Benchmark Replacement Setting]. Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal to the highest of (a) the Federal Funds Open Rate, plus 0.5%, and (b) the Prime Rate, and (c) Term SOFR, plus 1.0% (100 basis points). Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs. Base Rate Option shall mean the option of the Borrowers to have Loans bear interest at the rate and under the terms set forth in either Section 4.1.1 [Revolving Credit Interest
SOFR Interest Period timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). Benchmark Replacement Date means the earliest to occur of the following events with respect to the then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the
SOFR Interest Period means, with respect to any Term SOFR Borrowing, a period of one (1) month, with the understanding that: (i) the initial SOFR Interest Period shall commence on the date the loan is disbursed (or the date of conversion of any amount to Term SOFR) and shall end on, but exclude, the Adjustment Date; (ii) thereafter each subsequent one (1) month SOFR Interest Period shall commence automatically, without notice to or consent from the Borrowers, and shall end on, but exclude, the day of such month that numerically corresponds to the Adjustment Date; (iii) if, on the first day of the last SOFR Interest Period applicable hereto the remaining term of the loan is less than one (1) month, said SOFR Interest Period shall be in effect only until the maturity date; and (iv) if any SOFR Interest Period is scheduled to end in a month for which there is no day which numerically corresponds to the previous SOFR Interest Period, the SOFR Interest Period shall end on the last calendar day of such month. However, if a balance remains unpaid after maturity, the then current SOFR Interest Period shall continue for the remainder of the one (1) month period, with subsequent SOFR Interest Periods commencing thereafter and interest shall continue to accrue as set forth herein until all balances are paid in full, subject to all remedies of the Administrative Agent, and any default interest or other applicable adjustments in the interest. SOFR Unavailability Notice shall have the meaning specified in Section 4.4.1 [SOFR Unavailability]. Solutions shall have the meaning specified in the introductory paragraph. Solvent shall mean, with respect to any Person on any date of determination, taking into account any right of reimbursement, contribution or similar right available to such Person from other Persons, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond ...