Daily Simple SOFR Loans Sample Clauses
The 'Daily Simple SOFR Loans' clause defines the terms under which loans accrue interest based on the Secured Overnight Financing Rate (SOFR) calculated on a daily simple interest basis. This means that the interest for each day is determined using the SOFR published for that day, and the total interest is the sum of these daily amounts over the interest period. This approach applies to loans where the interest rate is not fixed but instead tracks the prevailing SOFR, providing a transparent and market-based benchmark. The core function of this clause is to ensure that interest calculations are clear, up-to-date, and reflective of current market rates, thereby reducing ambiguity and aligning the loan terms with widely accepted financial standards.
Daily Simple SOFR Loans. Each Daily Simple SOFR Loan made or maintained by a Lender shall bear interest (computed on the basis of a year of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, or created by conversion from a Term SOFR Loan or Base Rate Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted Daily Simple SOFR from time to time in effect, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).
Daily Simple SOFR Loans. 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.
Daily Simple SOFR Loans. If applicable pursuant to Section 2.09 and subject to Section 2.08(b), during such periods as such Loan is a Daily Simple SOFR Loan, a rate per annum equal at all times to the sum of (A) the Adjusted Daily Simple SOFR in effect from time to time plus (B) the Applicable Margin in effect from time to time, payable in arrears on each date that is on the numerically corresponding day in each calendar month that is one month after the borrowing of, or Conversion to, such Daily Simple SOFR Loan (or, if there is no such corresponding day in such month, then the last day of such month), and on the date such Daily Simple SOFR Loan shall be paid in full and on the Maturity Date.
Daily Simple SOFR Loans. The unpaid principal of Daily Simple SOFR Loans shall bear interest prior to maturity at a rate per annum equal to the sum of (i) Daily Simple SOFR as in effect from time to time plus (ii) the Applicable Margin in effect from time to time, payable on each Interest Payment Date and at maturity.
Daily Simple SOFR Loans. If a Letter of Credit Disbursement is deemed to be a Revolving Loan hereunder, Borrowers' obligation to pay the amount of such Letter of Credit Disbursement to Issuing Bank shall be automatically converted into an obligation to pay the resulting Revolving Loan. Promptly following receipt by Agent of any payment from Borrowers pursuant to this paragraph, Agent shall distribute such payment to Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to Section 2.11(e) to reimburse Issuing Bank, then to such Revolving Lenders and Issuing Bank as their interests may appear.
Daily Simple SOFR Loans. At all times that such Loan is a Daily Simple SOFR Loan, a rate per annum equal to the Adjusted Daily Simple SOFR in effect from time to time plus the Applicable Daily Simple SOFR Margin, payable monthly in arrears on each date that is on the numerically corresponding day in each calendar month that is one month after date of the Borrowing of which such Loan is a part (or, if there is no such numerically corresponding day in such month, then the last day of such month) and on the date such Loan shall be paid in full; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to 2% per annum above the Adjusted Daily Simple SOFR plus the Applicable Daily Simple SOFR Margin in effect from time to time. “Applicable Daily Simple SOFR Margin” means, at any time, a rate per annum determined in reference to the rates under the column “Applicable Term SOFR Margin and Applicable Daily Simple SOFR Margin” set forth below on the basis of the Credit Ratings at such time.