SOFR Borrowing definition
SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.
SOFR Borrowing means a Borrowing that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (iii) of the definition of “Base Rate”.
SOFR Borrowing means an Adjusted Term SOFR Borrowing; provided that, if a replacement of the Benchmark has occurred pursuant to Section 2.12(c) with respect to Adjusted Term SOFR, a Daily Simple SOFR Borrowing.
Examples of SOFR Borrowing in a sentence
Each such notice shall be in the form of a written Notice of Borrowing, appropriately completed and signed by an officer of Parent and must be received by the Administrative Agent not later than 12:00 p.m. (New York City time) (a) in the case of a SOFR Borrowing, three (3) U.S. Government Securities Business Days prior to the date of the requested Borrowing or (b) in the case of a Borrowing of Base Rate Loans, on the date of the requested Borrowing.
Each Notice of Borrowing shall specify the following information: (i) the aggregate amount of the requested Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) in the case of a SOFR Borrowing, the Interest Period therefor; and (iv) the location and number of the Borrower’s account to which funds are to be disbursed.
More Definitions of SOFR Borrowing
SOFR Borrowing means each unpaid principal balance of a Loan which accrues interest at calculated based upon SOFR, whether an Adjusted Daily SOFR Borrowing or an Adjusted SOFR Rate Borrowing.
SOFR Borrowing means, as to any borrowing of Revolving Advances, the SOFR Loans comprising such borrowing of Revolving Advances.
SOFR Borrowing as to any Borrowing, the SOFR Loans comprising such Borrowing. “SOFR Determination Day”: as defined in the definition of “Daily Simple SOFR”. “SOFR Loan”: a Loan that bears interest at a rate based on Adjusted Term SOFR, other than, pursuant to clause (c) of the definition of “ABR”. “SOFR Rate Day”: as defined in the definition of “Daily Simple SOFR”.
SOFR Borrowing as to any Loan, the SOFR Loans comprising such Loan. “SOFR Loan”: a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. “Solvent”: when used with respect to any Person, means that, as of any date of determination, (ai) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (bii) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (ciii) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (div) such Person will be able to pay its debts as they mature. “▇▇▇▇▇”: a rate equal to the Sterling Overnight Index Average as administered by the ▇▇▇▇▇ Administrator. “▇▇▇▇▇ Administrator”: the Bank of England (or any successor administrator of the Sterling Overnight Index Average). “▇▇▇▇▇ Administrator’s Website”: the Bank of England’s website, currently at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇, or any successor source for the Sterling Overnight Index Average identified as such by the ▇▇▇▇▇ Administrator from time to time. “Specified Swap Agreement”: any Swap Agreement entered into by the Borrower and any Person that was a Lender or Affiliate thereof at the time such Swap Agreement was entered into. “Spread Adjusted ▇▇▇▇▇”: with respect to any Business Day, a rate per annum equal to the sum of (a) ▇▇▇▇▇ plus (b) 0.1193% (11.93 basis points). “Subordinated Indebtedness”: Indebtedness of the Borrower or any of its Subsidiaries (a) that does not require the issuer thereof or any other obligor thereon or any Subsidiary thereof to maintain any specified financial condition or performance (other than as a condition to the taking of certain actions) that is as restrictive or more restrictive than the financial conditions or performance covenants contained herein, (b) which is unsecured, (c) which contains no mandatory prepayments other than customary asset sale and change of control prepayments (the terms of which provide that the Obligations shall be paid prior to any such prepayment of such...
SOFR Borrowing means a Loan or Loans comprising a Borrowing that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.
SOFR Borrowing means a Loan or Loans comprising a Borrowing that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. “SOFR Loan” shall mean a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. “Solvent” shall mean, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including subordinated and contingent liabilities, of such Person; (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and liabilities, including subordinated and contingent liabilities as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital; (e) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business and (f) such Person does not intend, in any transaction, to hinder, delay or defraud either present or future creditors or any other person to which such Person is or will become, through such transaction, indebted. The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that would reasonably be expected to become an actual or matured liability. “Specified Cash” shall mean cash of the Borrower that constitutes, and Permitted Investments of the Borrower that are made with, the net cash proceeds of Indebtedness permitted to be incurred under Section 7.1 (the “Specified Indebtedness”), that are either (a) subject to customary escrow arrangements between the Borrower and the holders of such Specified Indebtedness prior to their use for one of the following purposes: (i) refinancing, tendering for, or otherwise redeeming or repaying Indebtedness of the Borrower or its Restricted Subsidiaries or (ii) to finance any Permi...
SOFR Borrowing means an Adjusted Term SOFR Borrowing or, if a replacement of the Benchmark has occurred pursuant to Section 2.12(c) with respect to Adjusted Term SOFR, a Daily Compounded SOFR Borrowing.