Term SOFR Index definition

Term SOFR Index has the meaning specified in the definition of “Term SOFR”.
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Term SOFR Index means, for any SOFR Loan and at any time of determination, a per annum rate equal to Term SOFR for an interest period of one month at such time. Term SOFR Index shall be determined daily by the Lender on each SIFMA Business Day and shall be increased or decreased, as applicable, automatically and without notice to any Person on the date of each such determination. Notwithstanding anything contained herein to the contrary, if Term SOFR Index, as so determined, is ever less than zero percent (0%) per annum, then, Term SOFR Index shall be deemed to be zero percent (0%) per annum for all purposes of this Agreement and the other Loan Documents. Each calculation by the Lender of Term SOFR Index shall be conclusive and binding for all purposes, absent manifest error.
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Term SOFR Index means, for any SOFR Loan and at any time of determination, a per annum rate equal to Term SOFR for an interest period of one month at such time. Term SOFR Index shall be determined daily by the Lender on each SIFMA Business Day and shall be increased or decreased, as applicable, automatically and without notice to any Person on the date of each such determination. Notwithstanding anything contained herein to the contrary, if Term SOFR Index, as so determined, is ever less than zero percent (0%) per annum, then, Term SOFR Index shall be deemed to be zero percent (0%) per annum for all purposes of this Agreement and the other Loan Documents. Each calculation by the Lender of Term SOFR Index shall be conclusive and binding for all purposes, absent manifest error. In addition thereto, effective on the date of this Agreement, (i) the defined term “BSBY Rate,” appearing in Section 1.2 of the Loan Agreement, shall be deleted from the Loan Agreement and each other Loan Document, wherever it appears, and the defined term “Term SOFR” shall be substituted in its place, in each instance; (ii) the defined term “BSBY Index Rate,” appearing in Section 1.2 of the Loan Agreement, shall be deleted from the Loan Agreement and each other Loan Document, wherever it appears, and the defined term “Term SOFR Index Rate” shall be substituted in its place, in each instance and (iii) subsection (a) contained in the definition of “Termination Date” shall be amended to read as follows:
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Examples of Term SOFR Index in a sentence

  • If (A) Term SOFR for the duration of the relevant Interest Period is not published by the Term SOFR Administrator or an authorized distributor on an Interest Determination Date and is not otherwise provided by the Term SOFR Administrator on such date and (B) a Term SOFR Index Cessation Event shall not have occurred, then the rate for that Interest Determination Date will be the last provided or published Term SOFR for the duration of the relevant Interest Period.

  • For any Available Tenor and Interest Period with respect to a Term SOFR Loan, an interest rate per annum equal to (a) Term SOFR for such Interest Period, plus (b) the applicable Term SOFR Index Adjustment; provided that if Adjusted Term SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

  • In connection with the use or administration of Adjusted Term SOFR Index and Term SOFR Index, Agent will have the right to make Benchmark Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, and any amendments implementing such Benchmark Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

  • In connection with the use, implementation, or administration of the Term SOFR Index Rate, including any temporary or permanent replacement for the Term SOFR Index Rate, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

  • In addition, the discontinuation of ABR, Term SOFR Reference Rate, Term SOFR, Index, or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and Borrower’s other financial instruments, including potentially those that are intended as xxxxxx.

  • The Adjusted Term SOFR Index on the Fifth Amendment Date is 3.98895% per annum and, therefore, the rate of interest in effect on the Fifth Amendment Date, expressed in simple interest terms, is 6.63895% per annum for Term SOFR Index Loans.

  • Agent and its Affiliates may engage in transactions that affect the calculation of the Base Rate, Term SOFR Reference Rate, Adjusted Term SOFR Index, Term SOFR Index, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner that may be adverse to Borrowers.

  • The Term SOFR Index Rate shall be reset on the last Business Day of each month (the “Reset Date") by the Agent.

  • Subject to Section 3.1.5, if Agent shall determine that on any date for determining the Term SOFR Index, adequate and fair means do not exist for ascertaining such rate on the basis provided herein, then Agent shall immediately notify Borrower Agent of such determination and all Term SOFR Index Loans shall be converted to Base Rate Loans.

  • Thereafter, all Term SOFR Index Loans of Lenders shall immediately be converted to Base Rate Loans and all future Loans shall be Base Rate Loans.


More Definitions of Term SOFR Index

Term SOFR Index means, for any Term SOFR Index Loan and at any time of determination during any calendar month, a per annum rate equal to the Term SOFR Reference Rate for an interest period of one month on the date two U.S. Government Securities Business Days prior to the first day of such month; provided, however, that if as of 5:00 p.m. (New York City time) on any Term SOFR determination date the Term SOFR Reference Rate for an interest period of one month has not been published by the Term SOFR Administrator, then the Term SOFR Index will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator, subject to Section 3.1.5. The Term SOFR Index shall be determined monthly by Agent and shall be increased or decreased, as applicable, automatically and without notice to any Person on the date of each such determination. Each calculation by Agent of Term SOFR Index shall be conclusive and binding for all purposes, absent manifest error.
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Related to Term SOFR Index

  • SOFR Index means, with respect to any U.S. Government Securities Business Day:

  • SOFR IndexEnd means the SOFR Index value on the date that is the number of U.S. Government Securities Business Days specified in the relevant Final Terms preceding the Interest Payment Date relating to such Interest Accrual Period (or in the final Interest Accrual Period, the Maturity Date).

  • SOFR IndexStart means the SOFR Index value on the day which is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period (an "Index Determination Date"); and

  • SIFMA Index means the Securities Industry and Financial Markets Association Municipal Swap Index, produced by Municipal Market Data, or if such index is not published, then such other index selected by the Treasurer which reflects the yield of tax-exempt seven-day variable rate demand bonds.

  • SOFR Compounded Index means the Compounded SOFR rate as published at 15:00 (New York time) by Federal Reserve Bank of New York (or a successor administrator of SOFR) on the website of the Federal Reserve Bank of New York, or any successor source; and

  • SONIA Compounded Index means the index known as the SONIA Compounded Index administered by the Bank of England (or any successor administrator thereof);

  • Initial Index Level means the closing level of the FTSE 100 on the Start Date.

  • SOFR Index Cessation Effective Date means, in relation to a SOFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Secured Overnight Financing Rate) ceases to publish the daily Secured Overnight Financing Rate, or the date as of which the daily Secured Overnight Financing Rate may no longer be used;

  • Case-mix index means an arithmetical index measuring the relative average costliness of outpatient cases treated in a hospital, compared to the statewide average.

  • SOFR Index Cessation Event means the occurrence of one or more of the following events:

  • OBFR Index Cessation Effective Date means, in relation to an OBFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Overnight Bank Funding Rate) ceases to publish the daily Overnight Bank Funding Rate or the date as of which the daily Overnight Bank Funding Rate may no longer be used;

  • Base Index Figure means (subject to Condition 4.3(i)) the base index figure as specified in the relevant Final Terms;