SOFR Rate definition

SOFR Rate means the rate that will be calculated by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

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SOFR Rate means the rate that will be determined by the Administrator for each Interest Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided in the Indenture following a determination by the Administrator (on behalf of the Issuing Entity) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator (on behalf of the Issuing Entity) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

SOFR Rate means, with respect to the Class A-2b Notes and any Payment Date and Interest Period, a rate equal to Compounded SOFR as of the applicable Reference Time on the SOFR Determination Date; provided, that, the Administrator will have the right, in its sole discretion, to make SOFR Adjustment Conforming Changes at any time after the Closing Date.

Examples of SOFR Rate in a sentence

• During the existence of an Event of Default, no Committed Loans may be requested as, converted to or continued as SOFR Rate Loans without the consent of the Majority Lenders.

• For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each SOFR Rate Loan made by it at the applicable SOFR Rate for such Committed Loan by a matching deposit or other borrowing in the market for a comparable amount and for a comparable period, whether or not such SOFR Rate Loan was in fact so funded.

• All computation of SOFR Rate Loans and any other computations of fees and interest shall be made on the basis of a 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 365-day year).

• The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a SOFR Rate (and, as applicable, of the determination of the SOFR Rate applicable to such Base Rate Loan).

• If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate for SOFR Rate Loans separately for each period during such quarter that such Applicable Rate was in effect.

More Definitions of SOFR Rate

SOFR Rate means the sum of (a) Term SOFR applicable to such Interest Period and (b) the Applicable Margin.

SOFR Rate means, as the context may require, the Daily Simple SOFR Rate, the Term SOFR Rate or any other Benchmark based on or determined by reference to SOFR.

SOFR Rate means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

SOFR Rate means the rate that will be obtained by the Indenture Trustee and notified to the Administrator for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not the SOFR Rate, the Reference Time) and, unless the Administrator has made a determination that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2-B Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make any applicable SOFR Adjustment Conforming Changes.

SOFR Rate means the rate computed by the Benchmark Administrator or its agent with respect to SOFR on a particular business day.

SOFR Rate means, with respect to any SOFR Business Day, a rate per annum equal to the secured overnight financing rate for such SOFR Business Day.

SOFR Rate means the rate that will be obtained by the Indenture Trustee and notified to the Administrator for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2-B Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.