Term SOFR Loan Sample Clauses
The Term SOFR Loan clause defines the terms under which a loan is based on the Secured Overnight Financing Rate (SOFR) for a specified term. It typically outlines how interest is calculated using the Term SOFR benchmark, the relevant interest periods, and any applicable adjustments or conventions for determining the rate. This clause ensures both parties understand how interest costs are determined for the loan, providing transparency and predictability in loan pricing.
Term SOFR Loan. A Committed Loan that bears interest at a rate based on clause (a) of the definition of “Term SOFR.” All Term SOFR Loans must be denominated in Dollars.
Term SOFR Loan. Each Loan bearing interest at a rate based upon Adjusted Term SOFR (other than pursuant to clause (c) of the definition of Base Rate).
Term SOFR Loan. During any Default or Event of Default, Agent may (and shall at the direction of U.S. Required Lenders) declare that no U.S. Revolver Loan may be made, converted or continued as a U.S. Term SOFR Loan.
Term SOFR Loan. During any Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no such Loan may be made, converted or continued as a Term SOFR Loan.
Term SOFR Loan. The Administrative Agent shall promptly notify the Revolving Credit Lenders or the USD Revolving Credit Lenders, as applicable, of such Notice of Conversion/Continuation. If the Company fails to deliver a timely Notice of Conversion/Continuation with respect to a Daily Simple RFR Loan prior to the Interest Payment Date therefor, then, unless such RFR Loan is repaid as provided herein, the Company shall be deemed to have selected that such RFR Loan shall automatically be converted to a Base Rate Loan denominated in Dollars (in an amount equal to the Dollar Amount of the applicable Alternative Currency, if applicable) as of such Interest Payment Date. If the Company fails to deliver a timely Notice of Conversion/Continuation with respect to a Eurocurrency Rate Loan or a Term SOFR Loan prior to the end of the Interest Period therefor, then, unless such Eurocurrency Rate Loan or Term SOFR Loan, as applicable, is repaid as provided herein, the Company shall be deemed to have selected that such Eurocurrency Rate Loan or Term SOFR Loan, as applicable, shall automatically be converted to a Base Rate Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of the applicable Alternative Currency) at the end of such Interest Period.
Term SOFR Loan. The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit F hereto (a “Conversion/Continuation Notice”) of each conversion of a Base Rate Loan into a Term SOFR Loan, or continuation of a Term SOFR Loan, not later than 11:30 a.m. (New York time) at least three (3) Business Days prior to the date of the requested conversion or continuation, specifying:
Term SOFR Loan. A Committed Loan that bears interest at a rate based on clause (a) of the definition of “Term SOFR.” All Term SOFR Loans must be denominated in Dollars. Term SOFR Screen Rate. The forward-looking SOFR term rate administered by CME (or any successor administrator reasonably satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).
Term SOFR Loan. (a) A request by Borrower for a Term SOFR Loan shall be made pursuant to a Loan Notice received by the Administrative Agent, at the Administrative Agent’s Office, not later than 1:00 p.m. New York time, at least three (3) U.S. Government Securities Business Days before the first day of the applicable Interest Period. The Administrative Agent shall notify each Bank of a request for the Term SOFR Loan as soon as practicable after receipt of the same.
(b) At or about 1:00 p.m., New York time, two (2) U.S. Government Securities Business Days before the first day of the applicable Interest Period, the Administrative Agent shall determine the applicable Adjusted Term SOFR (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower and the Banks by telecopier or other electronic transmission permitted hereunder.