Examples of SOFR Rate Margin in a sentence
Borrowers shall pay Agent (for the ratable benefit of the Revolving Lenders), a Letter of Credit fee (the “Letter of Credit Fee”) (which fee shall be in addition to the fronting fees and commissions, other fees, charges and expenses set forth in Section 2.11(k)) that shall accrue at a per annum rate equal to the Revolving Loan SOFR Rate Margin times the average amount of the Letter of Credit Usage during the immediately preceding month.
Except as provided in Section 2.6(c) and in Section 2.12, all Obligations (except for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to Daily Simple SOFR plus the SOFR Rate Margin.
The Daily Simple SOFR Rate Margin will be reduced on any date that (A) Moody’s or S&Pshall have publicly announced the reinstatement or upgrade of a Credit Rating or(B) an Event of Default has been waived in writing by the Bank or cured to the reasonable satisfaction of the Bank.
Borrowers shall pay Agent (for the ratable benefit of the Lenders), a Letter of Credit fee (the “Letter of Credit Fee”) (which fee shall be in addition to the fronting fees and commissions, other fees, charges and expenses set forth in Section 2.11(k)) that shall accrue at a per annum rate equal to the SOFR Rate Margin times the average amount of the Letter of Credit Usage during the immediately preceding month.
All increases in the Daily Simple SOFR Rate Margin contemplated herein shall be cumulative.