SOFR Loans definition

SOFR Loans means Loans accruing interest in accordance with clause (ii) of the Applicable Rate (initially Term SOFR).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

SOFR Loans means Adjusted Term SOFR Rate Loans or Adjusted Daily Simple SOFR Loans.

SOFR Loans means Loans accruing interest at an Applicable Rate based upon Term SOFR.

Examples of SOFR Loans in a sentence

All other computations of fees and interest (including for Daily SOFR Loans) shall be made on the basis of a three hundred sixty (360)-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a three hundred sixty-five (365)-day year).
More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than twelve (12) Borrowings of SOFR Loans that are Revolving Credit Loans and six (6) Borrowings of SOFR Loans for each additional Class of Loans.
The Borrower may elect from time to time to convert ABR Loans to SOFR Loans by giving the Administrative Agent prior irrevocable notice in a Notice of Conversion/Continuation of such election no later than noon on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan may be converted into a SOFR Loan when any Event of Default has occurred and is continuing.
At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans, in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, three or six month period with respect to SOFR Loans.
Administrative Agent shall promptly notify Borrower and the Committed Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest rate.

More Definitions of SOFR Loans

SOFR Loans. Term Loans the rate of interest applicable to which is based upon Term SOFR.

SOFR Loans means the Borrowings or any portion thereof, made available by the Lenders to a Borrower pursuant to Sections 3.1 or 3.3 and outstanding from time to time, which bear interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate (Canada) Advance”, and on which the applicable Borrower has agreed to pay interest in accordance with Section 3.6(c).

SOFR Loans. Three months Business Day is not more than three (3) U.S. Government Securities Business Days prior to such ABR SOFR Determination Day. “Term SOFR Adjustment”: for any calculation with respect to an ABR Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable Type of such Loan and (if applicable) Interest Period therefor: ABR Loans: 0.15% Interest Period Six months Percentage 0.25% “Term SOFR Administrator”: the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). “Term SOFR Reference Rate”: the forward-looking term rate based on SOFR. “Term SOFR Borrowing”: as to any Borrowing, the Loans bearing interest at a rate based on Adjusted Term SOFR comprising such Borrowing other than pursuant to clause (c) of the definition of “ABR”. “Third Amendment”: that certain Third Amendment to Amended and Restated Credit Agreement dated as of February 27, 2025 by and among the Borrower, the Guarantors party thereto, the Lenders party thereto and SVB, as Administrative Agent, Issuing Lender and Swingline Lender. “Third Amendment Effective Date”: as defined in the Third Amendment. “Total Credit Exposure”: is, as to any Lender at any time, the unused Commitments, Revolving Extensions of Credit and outstanding Term Loans of such Lender at such time. “Total L/C Commitments”: at any time, the sum of all L/C Commitments at such time, as the same may be reduced from time to time pursuant to Section 2.10 or 3.5(b). “Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit outstanding at such time. “Trade Date”: as defined in Section 10.6(b)(i)(B). “Transactions”: as defined in Section 5.1(b). “Transferee”: any Eligible Assignee or Participant.

SOFR Loans means First Lien Term Loans bearing interest based on the SOFR.

SOFR Loans means Loans the interest rates on which are determined on the basis of rates referred to in the definition of “Adjusted Term SOFR”.

SOFR Loans means the advances or any portion thereof, made available by the Lenders to the Borrower pursuant to Sections 3.7, 3.12 or 3.13 and outstanding from time to time, which are denominated in U.S. Dollars and on which the Borrower has agreed to pay interest in accordance with Section 5.3 (other than pursuant to subparagraph (c) of the definition of "U.S. Base Rate");

SOFR Loans means, as the case may be, a Term SOFR Loan, or a Daily SOFR Loan. “SOFR Scheduled Unavailability Date” has the meaning specified in Section 3.03(b). “SOFR Successor Rate” has the meaning specified in Section 3.03(b).