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.

SOFR Rate means the rate that will be obtained by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time and shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, however, that the Basic Documents may be amended to make any technical, administrative or operational changes that, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice for asset-backed securities.

SOFR Rate means the rate that will be obtained by the Paying Agent 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 following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, means, 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.

Examples of SOFR Rate in a sentence

• If the 3 Month Term SOFR Rate published on the last business day of any month (the “Current Term SOFR Rate”) differs from the Base Term SOFR Rate, the Daily Discount Rate may be adjusted on the last business day of such month by 0.00003% for each basis point difference between the Current Term SOFR Rate and the Base Term SOFR Rate on the adjustment date.

• The Daily Discount Rate is based in part on the 3 Month Term SOFR Rate (defined below) published on the last business day of the month preceding the day when the first early payment discount is taken to settle an invoice (the “Base Term SOFR Rate”).

• The “3 Month Term SOFR Rate” shall be the three-month Term SOFR rate published for a “3 Month Tenor” published by CME Group Benchmark Administration Limited (or a successor administrator of Term SOFR Rates selected by Buyer) on the last business day of each month (or, if the 3 Month Term SOFR Rate is not published on the last business day of any month, then the 3 Month Term SOFR Rate most recently published during such month).

• During the existence of a Default or an Event of Default, no Loans may be requested as, or converted to, SOFR Rate Loans without the prior written consent of the Lender (which consent shall not be unreasonably withheld), and the Lender may demand that any or all of the then outstanding SOFR Rate Loans be converted immediately to Floating Rate Loans.

• The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of the Adjusted Term SOFR Rate.

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

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 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 sum of: (a) Compounded SOFR, and (b) the SOFR Adjustment.