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 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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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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Examples of Term SOFR Index in a sentence

  • The 'Index' that will be used each month to determine the applicable interest rate for the following month is identified at the top of this Note ( under the heading 'Applicable Index') and shall be either the ( i ) 30-Day Average SOFR Index, or (ii ) the One-Month CME Term SOFR Index, each as described below.

  • If J < (k − 1)ℓ, it then considers each of the matroids Mi = (Xi, Ii) for which Xi ∈ X(e).

  • 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.

  • Upon receipt of such notice, (i) the City may revoke any pending request for draws or, failing that, the City will be deemed to have converted any such request into a request for a draw based on the Base Rate in the amount specified therein and (ii) for any outstanding draws the interest rate shall be converted to the Base Rate at the end of the applicable Term SOFR Index Reset Rate.

  • In addition to the other provisions of this Agreement, as a condition to any Term SOFR Index Rate election hereunder, on or before the date on which the applicable Term SOFR Loan is to be advanced or converted hereunder, in each case in accordance with Agent’s loan policies and procedures periodically in effect, Borrower shall notify Agent of each of the following: (i) the requested amount of such Term SOFR Loan and (ii) the date of the requested Advance or conversion.

  • 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.

  • 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.

  • In the event that such Purchaser does not reimburse the Administrative Agent in accordance with the preceding two sentences, then Seller shall reimburse the Administrative Agent for such Capital, together with interest thereon at the sum of the Term SOFR Index Rate plus the Applicable Margin, and any such payment by Seller shall be without prejudice to any claim Seller may have against a Purchaser that shall have failed to make such payment to the Administrative Agent.

  • Subject to Section 3.1.5, if any Lender determines that any Applicable Law has made it unlawful, or that any governmental authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Term SOFR Index Loans, or to determine or charge interest rates based upon SOFR, then, on notice thereof by such Lender to Agent, all Term SOFR Index Loans shall immediately be converted to Base Rate Loans and all future Loans shall be Base Rate Loans.

  • Each Advance bearing interest at the Term SOFR Index Rate shall accrue interest during each Interest Period at the Term SOFR Index Rate established on the Reset Date occurring on the first day of such Interest Period.


More Definitions of Term SOFR Index

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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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 date that is the number of U.S. Government Securities Business Days specified in the relevant Final Terms preceding the first date of the relevant Interest Accrual Period (a "SOFR Index Determination Date").

  • SOFR Index Cessation Date means, in respect of a SOFR Index Cessation Event, the date on which the FRBNY (or any successor administrator of the SOFR), ceases to publish the SOFR, or the date as of which the SOFR may no longer be used.

  • RPIX Index shall have the meaning given to it in paragraph 5.4 of Schedule 3 (Charging Structure) of this Framework Agreement;

  • 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

  • Base Index means the most recent Consumer Price Index published immediately prior to the Commencement Date.

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

  • OBFR Index Cessation Date means, in respect of an OBFR Index Cessation Event, the date on which the FRBNY (or any successor administrator of the OBFR), ceases to publish the OBFR, or the date as of which the OBFR may no longer be used.

  • CPI Index is defined in Section 2.1(c) of this Agreement.

  • LIBOR Index means the British Bankers Association's (BBA) one (1) month LIBOR Rate for United States Dollar deposits, as displayed on the LIBOR Index Page used to establish the LIBOR Index Rate.

  • Initial Index Price means the sum of each per share closing price of the common stock of each company comprising the Index Group multiplied by the applicable weighting, as such prices are reported on the consolidated transactions reporting system for the market or exchange on which such common stock is principally traded, on the trading day immediately preceding the public announcement of the Agreement.

  • 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.

  • Final Index Price means the average of the Index Prices for the 20 consecutive full trading days ending on the trading day prior to the Determination Date.

  • Compounded Index means either the SONIA Compounded Index or the SOFR Compounded Index, as specified in the relevant Final Terms;

  • SONIA Compounded IndexEnd means the SONIA Compounded Index Value on the date falling “p” London Business Days prior to (i) in respect of an Interest Accrual Period, the Interest Payment Date for such Interest Accrual Period, or (ii) if the Notes become due and payable prior to the end of an Interest Accrual Period, the date on which the Notes become so due and payable; and

  • CMT Index Not applicable.

  • 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;

  • SIFMA Municipal Swap Index means the Securities Industry and Financial Markets Association Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Bloomberg or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided, however, that if such index is no longer produced by Bloomberg or its successor, then SIFMA Municipal Swap Index shall mean (i) the S&P Municipal Bond 7 Day High Grade Rate Index produced by Standard & Poor’s Financial Services LLC or its successors or (ii) if the S&P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in good faith by the Board of Trustees of the Fund.]

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

  • €STR Index Cessation Effective Date means, in respect of an €STR Index Cessation Event, the first date on which €STR is no longer provided by the European Central Bank (or any successor administrator of €STR), as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • SONIA Compounded IndexStart means, with respect to an Interest Accrual Period, the SONIA Compounded Index determined in relation to the day falling the Relevant Number of London Banking Days prior to the first day of such Interest Accrual Period; and