SOFR Index Rate definition
SOFR Index Rate means the rate of interest (rounded to the nearest ten thousandth of one percent, with five hundred thousandths being rounded upward) determined on
SOFR Index Rate means, as of any SOFR Index Adjustment Date, the greater of (a) the Floor, and (b) the rate per annum for the forward-looking term rate for SOFR for a period one (1) month, which appears on the CME Term SOFR Page on or about 5:00 a.m. (New York time) on the date of such SOFR Index Adjustment Date; provided, that, to the extent that the rate described in this clause (b)(i) is not ascertainable pursuant to the foregoing provisions of this definition, then the rate described in this clause (b)(i) shall be the interest rate per annum determined by Agent in Agent’s reasonable discretion in accordance with Section 2.1(d).
SOFR Index Rate means, as of any SOFR Index Adjustment Date, the greater of (a) the Floor, and (b) the rate per annum for the forward-looking term rate for SOFR for a period of one month, which appears on the CME Term SOFR Page on or about 5:00 a.m. (central time) on the SOFR Index Adjustment Date; provided, that, to the extent that the rate described in this clause is not ascertainable pursuant to the foregoing provisions of this definition, then the rate described in this clause (b) shall be the interest rate per annum determined by Administrative Agent in Administrative Agent’s reasonable discretion in accordance with Section 2.02(e).
Examples of SOFR Index Rate in a sentence
Anything to the contrary contained herein notwithstanding, no Lender is required to actually match fund any Obligation as to which interest accrues based on SOFR Index Rate.
Thereafter, (1) the obligation of Lenders to make or maintain Loans based on the SOFR Index Rate shall be suspended (to the extent of the affected Loans), and (2) in the event of a determination described in the preceding sentence with respect to the SOFR Index Rate component of the Base Rate, the utilization of the SOFR Index Rate component in determining the Base Rate shall be suspended, in each case until Agent revokes such notice in writing.
Upon receipt of such notice, Borrowing Agent may revoke any pending request for a borrowing of Loans based on the SOFR Index Rate (to the extent of the affected Loans).
Changes in the interest rate shall be effective as of the date of any change in the ABR Index Rate or SOFR Index Rate, as applicable.
Thereafter, (1) the obligation of the Lenders to make or maintain Loans based in the SOFR Index Rate shall be suspended (to the extent of the affected Loans), and (2) the SOFR Index Rate component shall no longer be utilized in determining the Base Rate.
More Definitions of SOFR Index Rate
SOFR Index Rate means Daily Simple SOFR.
SOFR Index Rate means the rate of interest (rounded to the nearest ten thousandth of one percent, with five hundred thousandths being rounded upward) determined on each SOFR Reset Date by the Indexing Agent for the period commencing on such SOFR Reset Date to but not including the next succeeding SOFR Reset Date, which is equal to seventy percent (70%) of SOFR for the SOFR Reference Date for such SOFR Reset Date (but in any event, not less than 0%), plus the Spread; provided, however, that in no event shall the SOFR Index Rate exceed the Maximum Rate.
SOFR Index Rate means a variable rate of interest per annum equal to the sum of (A) the applicable SOFR Index, plus (B) 0.11448% (11.448 basis points), plus (C) the Applicable Margin.
SOFR Index Rate means, as of any SOFR Index Adjustment Date, the greater of (a) the Floor, and (b) the sum of (i) the rate per annum for the forward-looking term rate for SOFR for a period one (1) month, which appears on the CME Term SOFR Page on or about 5:00 a.m. on the date which is the last Business Day prior to such SOFR Index Adjustment Date with respect to Term Loans and on such SOFR Index Adjustment Date with respect to the Revolver Loans; provided, that, to the extent that the rate described in this clause (b)(i) is not ascertainable pursuant to the foregoing provisions of this definition, then the rate described in this clause (b)(i) shall be the interest rate per annum determined by the Administrative Agent in its reasonable discretion in accordance with Section 2.02(e) plus (ii) the SOFR Spread Adjustment.
SOFR Index Rate means, with respect to an Interest Accrual Period, the rate of return of a daily compound interest investment during the Observation Period relating to such Interest Accrual Period (with the Secured Overnight Financing Rate as reference rate for the calculation of interest) and will be calculated by the Calculation Agent (or such other party responsible for the calculation for the Rate of Interest, as specified in the applicable Final Terms) on the Interest Determination Date as follows, and the resulting percentage will be rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards:
SOFR Index Rate means, for the relevant interest period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR Administrator’s Website at ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇/markets/treasury-repo-reference-rates-information (or such successor website). For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If the daily SOFR (“SOFRi”) does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website.
SOFR Index Rate shall instead mean the SOFR Reference Rate for a forward-looking one (1) month tenor as published by the Term SOFR Administrator on the first (1st) preceding U.S. Government Securities Business Day for which the SOFR Reference Rate for such tenor was published by the Term SOFR Administrator, so long as such first (1st) preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic SOFR Index Determination Date, and (b) if, at any time, the SOFR Index Rate (determined in accordance with the foregoing of this definition of “SOFR Index Rate”, including in accordance with the foregoing clause (a) of this proviso) is less than the Floor, then the SOFR Index Rate shall be deemed to equal the Floor for all purposes of this Agreement and the other Loan Documents. The SOFR Index Rate shall be determined by the Administrative Agent on a monthly basis and shall be increased or decreased, as applicable, automatically on the first (1st) Business Day of each calendar month, without further notice to any Loan Party or Subsidiary, any other party to this Agreement or any other Loan Document, or any other Person.