Daily SOFR Loan definition

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

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

Daily SOFR Loan means a Loan that bears interest based on Daily SOFR. Daily SOFR Option shall mean the option of the Borrower to have Swing Loans bear interest at the rate and under the terms specified in Section 4.1(b)(ii) [Swing Loan Daily SOFR Option]. Debtor Relief Laws shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. Default Rate shall mean (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Term SOFR Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin and the SOFR Adjustment) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Margin plus 2% per annum. Default Right shall have the meaning specified in Section 11.16(c) [Acknowledgment Regarding Any Supported QFCs]. Defaulting Lender shall mean any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the Administrative Agent, the Issuing Lender, PNC (as the Swing Loan Lender) or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Xxxxxx notifies the Administrative Agent in writing that such failure is the result of such 165778087 Xxxxxx’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or the Administrative 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 funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Xxxxxx’s good faith determination that a condition precedent (specifically identified and including the particular d...

Examples of Daily SOFR Loan in a sentence

Any Conversion of a Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such Term SOFR Loan.
Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Banks to make Term SOFR Loans or Daily SOFR Loans, as applicable, and any right of the Borrower to convert any Loan to or continue any Loan as a Term SOFR Loan or Daily SOFR Loan, as applicable, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Banks) revokes such notice.
Each such Notice of Conversion shall be given not later than (i) 1:00 p.m. Central time three (3) U.S. Government Securities Business Days prior to the date of any proposed Conversion into a Daily SOFR Loan or Term SOFR Loan and (ii) 1:00 p.m. Central time three (3) Business Days prior to the date of any proposed Conversion into a Base Rate Loan.
To the extent that such Bank’s Affected Loan has been so Converted (or the interest rate thereon so converted), all payments and prepayments of principal which would otherwise be applied to such Bank’s Affected Loan shall be applied instead to its Base Rate Loan (or to its Daily SOFR Loan bearing interest at the converted rate) and such Bank shall have no obligation to Convert its Base Rate Loan into a Term SOFR Loan or Daily SOFR Loan.
Upon notice thereof by Administrative Agent to Borrower, any obligation of the Lenders to make Daily SOFR Loans or Term SOFR Loans, as applicable, and any right of Borrower to convert any Loan to a Daily SOFR Loan or Term SOFR Loan, as applicable, shall be suspended (to the extent of the affected Loans and/or Interest Periods) until Administrative Agent (with respect to clause (B) above, at the instruction of the Required Lenders) revokes such notice.

More Definitions of Daily SOFR Loan

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

Daily SOFR Loan. Any Revolving Loan which bears interest at Daily Simple SOFR, other than pursuant to clause (c) of the definition of Base Rate.

Daily SOFR Loan means a Committed Loan made or to be made by a Bank as a Daily SOFR Loan in accordance with the applicable Notice of Borrowing or Notice of Interest Rate Election, bearing interest at a rate based on Daily Simple SOFR. All Daily SOFR Loans shall be denominated in Dollars.

Daily SOFR Loan as applicable, in this Agreement and the other Loan Documents shall be deemed to refer to “Base Rate” and “Base Rate Loan”.

Daily SOFR Loan means a Loan that bears interest at a rate based on Daily SOFR. “Deed of Hypothec” means that certain Deed of Hypothec To Secure Payment of Bonds dated March 31, 2015, by UR Canada in favor of the Agent, for the benefit of the Canadian Secured Parties, as amended by a deed of supplemental hypothec dated February 14, 2019, and a further deed of supplemental hypothec dated as of, on or about the Agreement Date, and as further amended, amended and restated, modified or supplemented from time to time. “Default” means any event or circumstance which, with the giving of notice, the lapse of time, or both, would (if not cured, waived, or otherwise remedied during such time) constitute an Event of Default. “Default Notice” has the meaning specified in Section 10.1(d). “Default Rate” means a fluctuating per annum interest rate at all times equal to the sum of (a) the otherwise applicable Interest Rate plus (b) 2% per annum. Each Default Rate shall be adjusted simultaneously with any change in the applicable Interest Rate. “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “Defaulting Lender” means any Lender that (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or its participations in respect of Letters of Credit or Swingline Loans, within one Business Day of the date required to be funded by it hereunder, unless, with respect to the funding of any Loan, such Lender notifies the Agent and the Borrowers’ Agent in writing that such failure is the result of such Xxxxxx’s good faith determination that one or more conditions precedent to funding of such Loan has not been satisfied (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing), (a) has notified any Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, (a) has failed, within three Business Days after request by the Agent or the Borrowers’ Agent, to confirm in a manner satisfactory to the Agent or the Borrowers’ Agent, as the case may be, that it will comply with its funding obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such confi...

Daily SOFR Loan means a Loan that bears interest at a rate based on Daily Simple SOFR. plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Ventas Realty or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of an amendment to a Pension Plan or Multiemployer Plan as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Ventas Realty or any ERISA Affiliate in excess of the Threshold Amount.

Daily SOFR Loan means a Loan which bears interest as provided in Section 2.08(a)(vi). All Daily SOFR Loans shall be denominated in

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