Daily Simple SOFR Borrowing definition

Daily Simple SOFR Borrowing means any Borrowing comprised of Daily Simple SOFR Loans.
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Daily Simple SOFR Borrowing means a Borrowing comprised of Daily Simple SOFR Loans.
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Daily Simple SOFR Borrowing means any portion of the principal balance of the Loan at any time bearing interest at the Adjusted Daily Simple SOFR Rate (other than pursuant to clause (iii) of the definition of Base Rate). Daily Simple SOFR Rate Option shall have the meaning ascribed thereto in Section 3.3 hereof. Defaulting Lender shall mean, subject to Section 2.11(b), any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to pay over to the Agent, or any Lender, any amount required to be paid by it hereunder, unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) has become the subject of a Bankruptcy Event, (d) has become the subject of a Bail-in Action or (e) has failed at any time to comply with the provisions of Section 2.5 with respect to purchasing participations from the other Lenders, whereby such Xxxxxx’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Lenders. Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.11(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, and each Lender.
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Examples of Daily Simple SOFR Borrowing in a sentence

  • At the time that each ABR Borrowing or Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $500,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.09(e).

  • The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Margin in effect from time to time, but in no event to exceed the Highest Lawful Rate.

  • The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

  • To the extent reasonably possible, each Lender shall designate an alternate Lending Office with respect to its LIBORTerm SOFR Borrowings and Adjusted Daily Simple SOFR Borrowings to reduce any liability of the Borrower to such Lender under Sections 4.1, 4.2 and 4.5 or to avoid the unavailability of a LIBORTerm SOFR Borrowing or an Adjusted Daily Simple SOFR Borrowing, so long as such designation is not disadvantageous to such Lender.

  • Such notice shall be irrevocable and shall in each case specify (A) whether the Borrowing then being requested is to be a Term SOFR Borrowing, a Daily Simple SOFR Borrowing or an ABR Borrowing and (B) the date of such Borrowing (which shall be a Business Day and shall constitute a Funding Date) and the amount thereof; provided, however, that each Borrowing shall be in an amount which is an integral multiple of $1,000,000 and not less than $5,000,000.

  • The Loans comprising each Daily Simple SOFR Borrowing shall bear interest at the Adjusted Daily Simple SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

  • The Borrower hereby requests a [Daily Simple SOFR Borrowing] [Term SOFR Borrowing] [Base Rate Borrowing] in the aggregate principal amount of $____________ to be made on ____________, 20__, and for interest to accrue thereon at the rate established by the Credit Agreement for [Daily Simple SOFR Loans] [Term SOFR Loans] [Base Rate Loans].

  • At the time each Daily Simple SOFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000.

  • Notwithstanding the foregoing, during the continuance of a Monetary Default or an Event of Default, the Borrower shall not have the right to request a EurocurrencyTerm SOFR Borrowing or an Adjusted Daily Simple SOFR Borrowing, select a new Interest Period for an existing EurocurrencyTerm SOFR Borrowing or convert any Adjusted Base Rate Borrowing to a EurocurrencyTerm SOFR Borrowing or an Adjusted Daily Simple SOFR Borrowing.

  • The Term Loans may from time to time be SOFR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.13; provided that, solely with respect to Term Loans, at no time shall an ABR Loan and a Daily Simple SOFR Borrowing be outstanding concurrently.

Related to Daily Simple SOFR Borrowing

  • Daily Simple SOFR Loan means a Loan that bears interest at a rate based on Daily Simple SOFR.

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Term SOFR Borrowing means a Borrowing comprised of Term SOFR Loans.

  • Base Rate Borrowing means a Borrowing consisting of Base Rate Loans.

  • Borrowing means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  • Eurocurrency Borrowing means a Borrowing comprised of Eurocurrency Loans.

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • ABR Borrowing means a Borrowing comprised of ABR Loans.

  • Committed Borrowing means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

  • Term Loan Borrowing means a borrowing consisting of Term Loans made on the same day by the Term Loan Lenders ratably according to their respective Term Loan Commitments.