SOFR Market Index Rate definition

SOFR Market Index Rate means a daily floating rate per annum equal to Adjusted Term SOFR for a one-month tenor on each day during the relevant period. Notwithstanding anything to the contrary, if the SOFR Market Index Rate shall be less than zero, then such rate shall be deemed zero for purposes of this Agreement.

SOFR Market Index Rate means a daily floating rate per annum equal to Term SOFR for a one-month tenor on each day during the relevant period. Notwithstanding anything to the contrary, if the SOFR Market Index Rate shall be less than zero, then such rate shall be deemed zero for purposes of this Agreement.

SOFR Market Index Rate the definition of “Interest Period” or any similar or analogous definition (or the

Examples of SOFR Market Index Rate in a sentence

• Each Loan which is made as a Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due at a rate per annum equal to the SOFR Market Index Rate for such day plus the Applicable Percentage for Term SOFR Loans for such day.

• The Administrative Agent will notify each Lender of the interest rate applicable to each SOFR Advance and each SOFR Market Index Rate Advance (to the extent any such Lender has a funded participation in such SOFR Market Index Rate Advance) promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

• The Swingline Loans may be Floating Rate Advances or SOFR Market Index Rate Advances.

• Each Swingline Loan shall bear interest at a rate per annum equal to the lesser of (i) as selected by the Borrower in accordance with Section 2.4, as applicable, either (A) the Alternate Base Rate plus the Applicable Rate or (B) the SOFR Market Index Rate plus the Applicable Rate applicable to SOFR Loans and (ii) the Highest Lawful Rate, payable on the date of payment of such Swingline Loan and on the Termination Date.

• The Swingline Loans may from time to time be, at the Borrower’s election, (i) ABR Loans or (ii) SOFR Market Index Rate Loans, as selected by the Borrower in accordance with Section 2.4(b).

• Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), the amount of the requested Swingline Loan and whether the requested Swingline Loan shall be an ABR Loan or a SOFR Market Index Rate Loan.

• In addition, the discontinuation of Term SOFR Reference Rate, Term SOFR, Daily Simple SOFR, the SOFR Market Index Rate, or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and your other financial instruments, including potentially those that are intended as xxxxxx.

• The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, SOFR Market Index Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower.

• At the option of the applicable Borrower, all Swingline Loans shall bear interest at either (A) the Adjusted Base Rate or (B) the SOFR Market Index Rate plus the Applicable Rate for SOFR Loans.

• The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of a Benchmarkthe Term SOFR Reference Rate, Adjusted Term SOFR, SOFR Market Index Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower.

More Definitions of SOFR Market Index Rate

SOFR Market Index Rate means a daily floating rate per annum equal to Term SOFR for a one- month tenor on each day during the relevant period. Notwithstanding anything to the contrary, if the SOFR Market Index Rate shall be less than the Floor, then such rate shall be deemed to be the Floor for purposes of this Agreement. “SOFR Market Index Rate Loan” means a Loan that bears interest at a rate determined by reference to the SOFR Market Index Rate. “Subsidiary” means any Corporation, a majority of the outstanding Voting Stock of which is owned, directly or indirectly, by the Borrower or one or more other Subsidiaries of the Borrower. “Swingline Borrowing” means a Borrowing made by the Borrower under Section 2.02, as identified in the Notice of Borrowing with respect thereto. “Swingline Exposure” means, for any Lender at any time, the product derived by multiplying (i) the aggregate principal amount of all outstanding Swingline Loans at such time by (ii) such Xxxxxx’s Commitment Ratio. “Swingline Lender” means Xxxxx Fargo Bank, in its capacity as Swingline Lender. “Swingline Loan” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.02. “Swingline Sublimit” means the lesser of (a) $20,000,000 and (b) the aggregate Commitments of all Lenders. “Swingline Termination Date” means the first to occur of (a) the resignation of Xxxxx Fargo Bank as Administrative Agent in accordance with Section 8.09 and (b) the 2027 Termination Date. “Syndication Agent” means JPMorgan Chase Bank, N.A., in its capacity as a syndication agent in respect of this Agreement. “Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP. “Taxes” means all present or future taxes, levies, imposts, duties, withholdings (including backup withholding), assessments or other charges in the nature of a tax imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. “Term SOFR” means, (a) for any calculation with respect to a Term SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such r...

SOFR Market Index Rate timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.4 and other technical, administrative or operational matters) that the Agent reasonably determines to be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent reasonably determines that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Agent reasonably determines is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

SOFR Market Index Rate for any day, the daily floating rate of interest per annum equal to Adjusted Term SOFR for a one-month tenor on such date of determination, or, if such date is not a U.S. Government Securities Business Day, then the immediately preceding U.S. Government Securities Business Day or if such rate is not available for any reason, a comparable or successor rate that is approved by the Administrative Agent. Notwithstanding the foregoing, if the SOFR Market Index Rate shall be less than zero for any determination, such rate shall be deemed to be zero for purposes of such determination.

SOFR Market Index Rate means, for any day, (a) the Term SOFR Reference Rate for a tenor of one month on such day (such day, the “SOFR Market Index Determination Day”), as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any SOFR Market Index Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then the SOFR Market Index Rate will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate SOFR Determination Day.