Term SOFR Advances Clause Samples
The 'Term SOFR Advances' clause defines the terms and conditions under which a borrower may request and receive loans that accrue interest based on the Term Secured Overnight Financing Rate (SOFR). This clause typically outlines the procedures for requesting such advances, the applicable interest periods, and how the interest rate is determined using the published Term SOFR benchmark. By specifying these details, the clause ensures both parties understand how interest will be calculated and paid, thereby providing clarity and predictability in the cost of borrowing under the agreement.
Term SOFR Advances. During such periods as such Advance is a Term SOFR Advance, a rate per annum equal at all times, during each Interest Period for such Advance, to the sum of (A) the Adjusted Term SOFR for such Interest Period for such Advance plus (B) the Applicable Interest Rate Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period, and on the date such Term SOFR Advance shall be Converted or Continued or paid in full and on the Maturity Date.
Term SOFR Advances. If such Advance is a Term SOFR Advance, a rate per annum equal at all times during the Interest Period for such Advance to the sum of Term SOFR for such Interest Period plus the Applicable Term SOFR Margin for such Interest Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period.
Term SOFR Advances. During such periods as such Revolving Credit Advance is a Term SOFR Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) Adjusted Term SOFR for such Interest Period for such Revolving Credit Advance plus (y) 0.625%, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Term SOFR Advance shall be Converted or paid in full.
Term SOFR Advances. During such periods as any portion of the Term Loan is a Term SOFR Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Adjusted Term SOFR for such Interest Period, plus (B) the Applicable Rate in effect from time to time, payable in arrears on each Interest Payment Date, and, without duplication, on the date such Term SOFR Advance shall be Converted, continued pursuant to the terms hereof or paid in full (including the Maturity Date).
Term SOFR Advances. The unpaid principal amount of each Term SOFR Advance shall bear interest prior to maturity at a rate per annum equal to the Term SOFR Rate in effect for each Interest Period for such Term SOFR Advance.
Term SOFR Advances. During such periods as such Advance is a Term SOFR Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Term SOFR for such Interest Period for such Advance plus (B) the SOFR Adjustment plus (C) the Applicable Margin in respect of Term SOFR Advances under such Facility in effect on the first day of such Interest Period, payable in arrears on the last day of such Interest Period, on the date such Term SOFR Advance shall be Converted or paid in full, on the applicable Termination Date and at such other times as may be specified herein.
Term SOFR Advances. During such periods as such Advance is a Term SOFR Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (x) Adjusted Term SOFR for such Interest Period for such Advance plus (y) the Applicable Margin in effect from time to time for such Advance, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Term SOFR Advance shall be Converted or paid in full. (iv) Eurocurrency Rate Advances. During such periods as such Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (x) the Adjusted Eurocurrency Rate for such Interest Period for such Advance plus (y) the Applicable Margin in effect from time to time for such Advance, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurocurrency Rate Advance shall be Converted or paid in full.
Term SOFR Advances. During such periods as such Revolving Credit Advance is a Term SOFR Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) Term SOFR for such Interest Period for such Revolving Credit Advance plus (y) 0.625%, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Term SOFR Advance shall be Converted or paid in full.
Term SOFR Advances. If such Advance is a Term SOFR Advance, during the Interest Period for such Advance, a rate per annum equal at all times to the lesser of (i) Adjusted Term SOFR for such Interest Period plus the Applicable Margin for Ter SOFR Advances plus (in the case of a Term SOFR Advance of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost Rate and (ii) the Maximum Rate, payable in arrears on the last day of such Interest Period (provided that for a Term SOFR Advance with an Interest Period longer than three months, accrued but unpaid interest shall also be due and payable on each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first date of such Interest Period), and on the date such Term SOFR Advance shall be paid in full; provided that if any payment of principal on any Advance is not made when due, such Advances shall bear interest from the date such payment was due until such Advances are paid in full, payable on demand, at a rate per annum equal at all times to the lesser of (A) the greater of (1) the Adjusted Base Rate in effect from time to time plus the Applicable Margin for Adjusted Base Rate Advances plus two percent (2%) and (2) the rate required to be paid on such Advance immediately prior to the date on which such amount became due (including the Applicable Margin and any Mandatory Cost Rate) plus two percent (2%) and (B) the Maximum Rate.
Term SOFR Advances the Agent [shall determine]determines (which determination shall be conclusive and binding absent manifest error) [or, in the case of clause (b) below, the Majority Banks shall determine (which determinations shall be conclusive and binding absent manifest error) and notify Agent, that:]