Adjusted SOFR Rate definition

Adjusted SOFR Rate means, for any Interest Period, the sum of (a) the SOFR Rate for such Interest Period, plus (b) the SOFR Adjustment for such Interest Period.

Adjusted SOFR Rate means the per annum rate equal to the sum of SOFR Rate plus 0.10% (10 basis points). If Adjusted SOFR Rate as so determined would be less than 0.00%, the Adjusted SOFR Rate will be deemed to be 0.00% for the purposes of this Facility Letter.

Adjusted SOFR Rate means, for any Floating Interest Period, the rate per annum equal to the Benchmark for such Floating Interest Period plus the Margin; provided that, if the Adjusted SOFR Rate as so determined shall ever be less than the Floor, then the Adjusted SOFR Rate shall be deemed to be the Floor.

Examples of Adjusted SOFR Rate in a sentence

• Two Business Days prior to Closing (or such shorter time as each Purchaser of Floating Rate Notes has agreed to), each Purchaser of a Floating Rate Note shall have received written notice from the Company of the Adjusted SOFR Rate applicable to Notes for the first Floating Interest Period.

• Revolving Credit Loans may consist of Adjusted Base Rate Borrowings or a SOFR Borrowing at the Adjusted SOFR Rate, or a combination thereof, as the Borrowers may request in accordance with the terms hereof.

• Absent a timely election by the Borrower Representative of a SOFR Borrowing in accordance with Section 2.07.2 of this Agreement, the unpaid balances of the Floor Plan Loans (including M&T Advances) and Revolving Credit Loans, including any balances of any Adjusted SOFR Rate Borrowings for which the applicable Interest Period has expired without an effective continuation, shall be deemed automatically to bear interest at the Adjusted Base Rate.

• Each Loan Request shall (A) specify: (i) the aggregate amount to be borrowed, (ii) the requested Borrowing Date, and (iii) whether the borrowing is to be an Adjusted SOFR Rate Borrowing, an Adjusted Base Rate Borrowing, or a combination thereof and (B) be accompanied by a Borrowing Base Certificate as required by Section 5.09.14.

• Interest shall accrue from and including the first day of each Interest Period selected by the Borrower Representative to (but not including) the last day of such Interest Period at the Adjusted SOFR Rate determined as applicable to such Interest Period upon the amount of the unpaid principal balances of the Revolving Credit Loans.

More Definitions of Adjusted SOFR Rate

Adjusted SOFR Rate means, for any Tranche Period, an interest rate per annum equal to the sum of the applicable SOFR Rate and the SOFR Adjustment for such Tranche Period.

Adjusted SOFR Rate means the variable annual interest rate equal to the sum obtained by adding (i) the product of (x) 79% and (y) Daily Simple SOFR plus the Spread, which shall be adjusted based on any changes in Daily Simple SOFR; provided however, the Adjusted SOFR Rate will in no instance exceed the maximum rate permitted by applicable law.

Adjusted SOFR Rate means, for any Floating Interest Period, the rate per annum equal to Benchmark for such Floating Interest Period plus the

Adjusted SOFR Rate means Adjusted Daily Simple SOFR or Adjusted Term SOFR Rate, as the context may require. “Adjusted Term SOFR Rate” shall mean, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. “Adjusted Total Revolving Credit Commitment” shall mean at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders. “Adjustment Date” shall mean the last day of each calendar month of March, June, September and December. “Administrative Agent” shall mean JPMorgan Chase Bank, N.A., as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to Section 12.9. “Administrative Agent’s Office” shall mean the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 13.2 or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. “Administrative Questionnaire” shall have the meaning provided in Section 13.6(b)(ii)(D). “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. “Affiliated Institutional Lender” shall mean (i) any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business, (ii) KKR Corporate Lending LLC, KKR Capital Markets LLC, MCS Corporate Lending LLC and MCS Capital Markets LLC and (iii) any successor each of the Persons set forth in clause (ii). “Affiliated Lender” shall mean a Lender that is the Sponsor or any Affiliate thereof (other than Holdings, the Borrower, any Subsidiary of Holdings, or any Affiliated Institutional Lender). “Agent Parties” shall have the meaning provided in Section 13.17(c). “Agents” ...

Adjusted SOFR Rate means the variable annual interest rate equal to the sum obtained by adding (i) Daily Simple SOFR plus (ii) the margin provided for in the Note. For the avoidance of doubt, the term “margin” shall mean the difference between the Rate (as defined in the Note) minus the Index (as defined in the Note).

Adjusted SOFR Rate means the variable annual interest rate equal to 79% of the sum obtained by adding (i) Daily Simple SOFR and (ii) the Margin.

Adjusted SOFR Rate means, with respect to a SOFR Rate advance for the relevant Interest Period, the sum of (a) the Applicable Margin, plus (b) the SOFR Rate applicable to such Interest Period, and plus (c) the Unsecured to Secured Rate Adjustment.