SOFR Replacement definition

SOFR Replacement means any one (or more) of the SOFR Replacement Alternatives to be determined by the Replacement Rate Determination Agent as of the SOFR Replacement Date if the Issuer, determines that a SOFR Transition Event and its related SOFR Replacement Date have occurred on or prior to the SOFR Determination Time in respect of any determination of the SOFR Benchmark on any U.S. Government Securities Business Day in accordance with:
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SOFR Replacement means the sum of: (a) Term SOFR and (b) the SOFR Adjustment; provided, however, that such rate shall be adjusted as is reasonably necessary to implement the SOFR Conforming Changes.
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SOFR Replacement means any one (or more) of the SOFR Replacement Alternatives to be determined by the Replacement Rate Determination Agent as of the SOFR Replacement Date if
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Examples of SOFR Replacement in a sentence

  • If a Successor Rate includes a SOFR-based rate, then as of the Term SOFR Replacement Date, the Unused Line Fee Rate shall increase by percentage points equal to the SOFR Adjustment for a one month interest period.

  • The Administrative Agent will promptly (in one or more notices) notify the Company and each Lender of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a Term SOFR Replacement Date and (z) the Term SOFR Successor Rate.

  • The Term SOFR Replacement Rate shall be applied in a manner consistent with market practice; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent or a market practice does not exist, such Term SOFR Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent.

  • The Administrative Agent will promptly (in one or more notices) notify the Company and Lenders of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a Term SOFR Replacement Date and (z) the Term SOFR Successor Rate.

  • If the Term SOFR Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.

  • If a Successor Rate includes a SOFR-based rate, then as of the SOFR Replacement Date, the Unused Line Fee Rate shall increase by percentage points equal to the SOFR Adjustment for a one month interest period.

  • For the avoidance of doubt, if the event giving rise to the Term SOFR Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Term SOFR Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

  • The DIP Agent will promptly (in one or more notices) notify the Borrower and each Lender of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a Term SOFR Replacement Date and (z) the Successor Rate.

  • The Term SOFR Replacement Rate or Simple SOFR Replacement Rate, as applicable, shall be applied in a manner consistent with market practice; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent or a market practice does not exist, such Term SOFR Replacement Rate or Simple SOFR Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent.

  • If no Interest Period is specified in the applicable Borrowing Request with respect to any requested Term SOFR Borrowing or an Alternate Currency Term Rate Borrowing, then Borrower shall be deemed to have selected an Interest Period of (x) three months, in the case of a Term SOFR Incremental Term Borrowing, or a Term SOFR Replacement Term Borrowing, and (y) one month, in the case of a Term SOFR Revolving Borrowing or an Alternate Currency Term Rate Borrowing.