Daily SOFR Loan definition

Daily SOFR Loan means a Loan that bears interest at a rate based on Daily SOFR.

Daily SOFR Loan means any Loan bearing interest at a rate determined by reference to Daily Simple SOFR and made pursuant to clause (a)(ii) of the definition of “Term SOFR” or Section 3.03.

Daily SOFR Loan means a Loan that bears interest at a rate based on Daily Simple SOFR. All Daily SOFR Loans shall be denominated in Dollars. “Debt Rating” has the meaning specified in the definition of “Applicable Rate”. “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a SOFR Loan or an Alternative Currency Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. “Defaulting Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, or the L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Xxxxxx’s obligation to fund a Loan hereunder and states that such positio...

Examples of Daily SOFR Loan in a sentence

• Prior to delivering a Notice of Borrowing, a Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan, a Daily SOFR Loan or a Term SOFR Loan) request that the Administrative Agent provide such Borrower with the most recent SOFR available to the Administrative Agent.

• So long as no Default or Event of Default exists, any Borrower may, on any U.S. Government Securities Business Day, upon such Borrower’s giving of a Notice of Conversion to the Administrative Agent by electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a Term SOFR Loan if a Default or Event of Default exists.

• Any Conversion of a Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such Term SOFR Loan.

• Each such Notice of Conversion shall be given not later than (i) 1:00 p.m. Eastern time 3 U.S. Government Securities Business Days prior to the date of any proposed Conversion into a Daily SOFR Loan or Term SOFR Loan and (ii) 1:00 p.m. Eastern time two (2) Business Days prior to the date of any proposed Conversion into a Base Rate Loan.

• The applicable Borrower shall give the Administrative Agent prior written notice (i) at least 2 U.S. Government Securities Business Days prior to the prepayment of any Term SOFR Loan and (i) not later than 12:00 p.m. Eastern time on the Business Day of the prepayment of any Base Rate Loan or Daily SOFR Loan.

More Definitions of Daily SOFR Loan

Daily SOFR Loan means a Loan bearing interest based on the Daily SOFR Rate.

Daily SOFR Loan means a Ratable Loan that bears interest at a rate based on Daily SOFR.

Daily SOFR Loan. Any Revolving Loan which bears interest at Daily Simple SOFR, other than pursuant to clause (c) of the definition of Base Rate.

Daily SOFR Loan means a Revolving Loan that bears interest based on the LIBOR Daily Floating RateSimple SOFR.

Daily SOFR Loan means a Loan which bears interest as provided in Section 2.08(a)(vi). All Daily SOFR Loans shall be denominated in

Daily SOFR Loan as applicable, in this Agreement and the other Loan Documents shall be deemed to refer to “Base Rate” and “Base Rate Loan”. 3.03

Daily SOFR Loan means a Loan denominated in Dollars, the rate of interest applicable to which is based upon Adjusted Daily SimpleSOFR.