SOFR Rate Loan means each Loan bearing interest at a rate based upon (a) Adjusted Term SOFR (other than pursuant to clause (iii) of the definition of “Base Rate”) or (b) Adjusted Daily Simple SOFR.
SOFR Rate Loan means a Daily Simple SOFR Rate Loan or a Term SOFR Rate Loan, as the context may require.
Examples of SOFR Rate Loan in a sentence
Except as otherwise set forth in Section 2.12, each Loan hereunder shall be a SOFR Rate Loan.
Each Loan shall be made as Daily SOFR Rate Loan unless it is illegal for the Bank to make Daily SOFR Rate Loans or the Daily SOFR Rate is unavailable, in either of which case, such Loan shall be made as a Base Rate Loan.
More Definitions of SOFR Rate Loan
SOFR Rate Loan means a Loan that bears interest at a rate determined by reference to, (a) if Term SOFR is the Benchmark Replacement on the USD LIBOR Transition Date, Term SOFR, or (b) otherwise, prior to the Term SOFR Transition Date, Daily Simple SOFR or, on and after the Term SOFR Transition Date, Term SOFR, as the context may require.
SOFR Rate Loan means any Loan that bears interest based on the Adjusted Term SOFR. “Solvent” means, with respect to any Person on any date of determination, taking into account any right of reimbursement, contribution or similar right available to such Person from other Persons, that on such date (i) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (ii) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, (v) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged, and (vi) such Person is not an “insolvent person” as such term is defined in the BIA. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. “Special Purpose Receivables Subsidiary” means (i) a direct or indirect Subsidiary of the Company established in connection with a Permitted Wholesale A/R Financing for the acquisition of wholesale Accounts of a Loan Party or a Restricted Subsidiary to the extent the same are not included in the Borrowing Base hereunder, proceeds of such accounts receivable and other assets which are customarily transferred in connection with the financing or securitization of accounts receivable, which engages in no material activities other than in connection with the financing of accounts receivable of a Loan Party and/or Restricted Subsidiaries, and which is organized in a manner intended to reduce the likelihood that it would be substantively consolidated with the Company or any of the Subsidiaries (other th...
SOFR Rate Loan means any Daily Simple SOFR Loan or Term SOFR Loan.
SOFR Rate Loan means a Loan that bears interest based on Term SOFR Rate. Term SOFR Rate Option shall mean the option of the Borrower to have Loans bear interest at the rate and under the terms specified in Section 3.1.1(ii). Term SOFR Reference Rate shall mean the forward-looking term rate based on SOFR. Third Amendment Effective Date shall mean February 4, 2019, the effective date with respect to that certain Third Amendment to Amended and Restated Credit Agreement, by and among the Borrowers, the Lenders party thereto and the Administrative Agent. USA Patriot Act shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107- 56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. U.S. Government Securities Business Day means any day except for (a) a Saturday or Sunday or (b) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
SOFR Rate Loan. A Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (iii) of the definition of “Base Rate”. “Specialized Containers”: All refrigerated containers, tank containers, special purposes containers, open top containers, flat rack containers, bulk containers, high cube containers (other than 40’ high cube dry containers), cellular palletwide containers and all other types of containers other than standard dry cargo containers. “State”: Any state of the United States of America and, in addition, the District of Columbia. “Step-Up Margin”: With respect to each Loan on or after the Conversion Date during the occurrence and continuance of an Asset Base Deficiency, the portion of the Applicable Margin with respect to such Loan that is equal to the positive excess of (x) the percentage set forth in clause (ii) of the definition of “Applicable Margin” minus (y) the percentage set forth in clause (i) of the definition of “Applicable Margin”. “Subservicer”: This term shall have the meaning set forth in Section 2.2 of the Management Agreement. “Subservicing Agreement”: This term shall have the meaning set forth in Section 2.2 of the Management Agreement. “Subsidiary”: A subsidiary of a Person means any corporation, association, partnership, limited liability company, joint venture or other business entity of which more than fifty percent (50.0%) of the voting stock or other equity interests (in the case of Persons other than corporations) is owned or controlled directly or indirectly by such Person, or one or more of the Subsidiaries of such Person, or a combination thereof. “Substitute Container”: This term is defined in Section 3.04 of the Contribution and Sale Agreement. “Supplemental Principal Payment Amount”: As of any other date of determination, an amount equal to the excess, if any, of (i) the Aggregate Loan Principal Balance (calculated after giving effect to the Scheduled Principal Payment Amount paid on such date), over (ii) the Asset Base on such Payment Date (determined as of the last day of the month immediately preceding such Payment Date). “Supporting Obligation”: This term shall have the meaning set forth in the UCC.
SOFR Rate Loan means the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the “Applicable Interest Rate” if the Benchmark thereunder is Term SOFR. “SPC Party” shall mean, if Borrower is a limited partnership or a limited liability company (other than a Single Member Delaware LLC), each general partner or managing member of Borrower. “Special Member” shall have the meaning set forth in Section 3.1.24(cc)(i). “Special Purpose Bankruptcy Remote Entity” shall mean a corporation, limited liability company or limited partnership which, at all times, complies with the requirements set out in Section 3.1.24. “Sponsor” shall mean Guarantor. “Spread Maintenance Premium” shall mean, in connection with a prepayment of all or any portion of the Outstanding Principal Balance of the Loan, the Building Loan and the Supplemental Building Loan pursuant to the terms hereof, the Building Loan Agreement or the Supplemental Building Loan Agreement, respectively, an amount equal to the present value, discounted at Benchmark on the most recent Determination Date of all future installments of interest which would have been due hereunder through and including the Open Prepayment Date, on the portion of the Outstanding Principal Balance of the Loan, the Building Loan and the Supplemental Building Loan being prepaid as if interest accrued on such portion of the principal balance being prepaid at an interest rate per annum equal to the Applicable Spread. The Spread Maintenance Premium shall be reasonably calculated by Administrative Agent and shall be final absent manifest error. “Springing Recourse Event” shall have the meaning set forth in Section 11.22(i). “State” shall mean the State or Commonwealth in which the Property or any part thereof is located. “Stored Materials” shall mean any materials, machinery or other Personal Property not yet incorporated into the Improvements. “Substitute Interest Rate Protection Agreement” shall mean an interest rate cap agreement between a Counterparty having a Minimum Counterparty Rating and Borrower, obtained by Borrower and collaterally assigned to Administrative Agent, for the benefit of Lenders pursuant to this Agreement and shall contain each of the following: (i) a term expiring no earlier than the then-applicable Maturity Date; (ii) the notional amount of the Substitute Interest Rate Protection Agreement shall be an aggregate amount equal to at least the sum of (x) the Outstanding Principal Balance plus (y) the Buil...
SOFR Rate Loan any portion of the Loans on which interest is calculated based on the SOFR Rate Option.