SOFR Rate definition

SOFR Rate means the rate that will be calculated by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

SOFR Rate means the rate that will be obtained by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time and shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, however, that the Basic Documents may be amended to make any technical, administrative or operational changes that, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice for asset-backed securities.

SOFR Rate means the rate that will be obtained by the Paying Agent for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, means, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

Examples of SOFR Rate in a sentence

• If the Adjusted Term SOFR Rate or the Term SOFR Rate is unavailable as provided in Section 2.08 (Alternate Rate of Interest), each RFR Bond shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR in accordance with Section 2.08 (Alternate Rate of Interest).

• Interest computed by reference to the Term SOFR Rate or Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days comprised of twelve 30-day months.

• Subject to the provisions of clause (b) below: (i) each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Term SOFR Rate for such Interest Period plus the Applicable Margin, (ii) with respect to Alternate Base Rate Loans, the Alternate Base Rate in effect from day to day plus the Applicable Margin.

• The Daily Discount Rate is based in part on the 3 Month Term SOFR Rate (defined below) published on the last business day of the month preceding the day when the first early payment discount is taken to settle an invoice (the “Base Term SOFR Rate”).

• The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Calculation Agent, and such determination shall be conclusive absent manifest error.

More Definitions of SOFR Rate

SOFR Rate means the rate that will be determined by the Administrator for each Interest Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided in the Indenture following a determination by the Administrator (on behalf of the Issuing Entity) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator (on behalf of the Issuing Entity) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

SOFR Rate means the sum of (a) Term SOFR applicable to such Interest Period and (b) the Applicable Margin.

SOFR Rate means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

SOFR Rate means, as the context may require, the Daily Simple SOFR Rate, the Term SOFR Rate or any other Benchmark based on or determined by reference to SOFR.

SOFR Rate means the rate computed by the Benchmark Administrator or its agent with respect to SOFR on a particular business day.

SOFR Rate means, with respect to any SOFR Business Day, a rate per annum equal to the secured overnight financing rate for such SOFR Business Day.

SOFR Rate means (a) with respect to the Revolving Credit Facility, for any SOFR Borrowing for an Interest Period, Adjusted Term SOFR determined for such Interest Period and (b) with respect to the Floor Plan Facility, the Daily SOFR Rate.