SMIR definition

SMIR means, for any day during any Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking one-month term rate based on SOFR, as such rate is published by the CME Term SOFR Administrator on such day, or if such day is not a Business Day, as of the immediately preceding Business Day.
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SMIR when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the SOFR Market Index Rate.
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Examples of SMIR in a sentence

  • There shall not be more than four (4) Loans which are accruing interest at the LIBO RateAdjusted SMIR outstanding at any time.

  • Each such notice shall be substantially the form of Exhibit I (Form of Swingline Loan Request) (a “Swingline Loan Request”), be irrevocable and shall specify (i) the requested date (which shall be a Business Day or, in the case of a SMIR Loan, a U.S. Securities Business Day) of the Swingline Loan, (ii) the amount of the requested Swingline Loan and (iii) whether such Swingline Loan is to be a Base Rate Loan or a SMIR Loan.

  • At the date of each borrowing of a Loan and at the commencement of each Interest Period (with the required prior notice described in this Section 4), the Borrower may select the LIBO Rate (or with respect to any LMIR Lender, LMIR)Adjusted SMIR (subject to Sections 4.4 and 4.6 below) or the Alternate Base Rate as the Interest Rate applicable for each Loan during such Interest Period.

  • The Borrower will pay Interest on Loans made pursuant to this Agreement at the CP Rate, Alternate Base Rate or Adjusted SMIR, selected or assigned in accordance with Article IV hereof.

  • Prior to the occurrence of an Amortization Event, the outstanding principal amount of each Loan shall accrue Interest for each day during the related Interest Period at either (i) Adjusted SMIR or, (ii) the Alternate Base Rate or (iii) the CP Rate, as applicable, in accordance with the terms and conditions hereof.

  • Prior to the occurrence of an Amortization Event, the outstanding principal amount of each Loan shall accrue Interest for each day during the related Interest Period at either (i) if the applicable Lender is (x) an LMIR Lender, LMIR, or (y) other than an LMIR Lender, the LIBO RateAdjusted SMIR or (ii) the Alternate Base Rate, as applicable, in accordance with the terms and conditions hereof.

  • The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Base Rate, SMIR, SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Seller.

  • Until the Borrower gives the required notice to the Administrative Agent of another Interest Rate in accordance with Section 4.3, the initial Interest Rate for any Loan shall be if the applicable Lender is (x) an LMIR Lender, LMIR, or (y) other than an LMIR Lender, the LIBO RateAdjusted SMIR (unless the Default Rate is then applicable).

  • Each Borrowing Request shall specify (A) the requested Loan amount (which shall not be less than $1,000,000 or a larger integral multiple of $100,000), (B) the allocation of such amount among each Lender Group (which shall be ratable in accordance with the Lender Group Percentages of each Lender Group), (C) whether the Loan is to bear interest at the LIBO Rate, LMIRAdjusted SMIR or the Alternate Base Rate, and (D) the Borrowing Date (which shall be on a Business Day).

  • Upon notice thereof by the Administrative Agent to the Parent Borrower, any obligation of the Lenders to make SOFR Loans or SMIR Loans, and any right of the Borrowers to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice.