Term SOFR Index Rate definition

Term SOFR Index Rate means the Term SOFR Reference Rate for a one-month tenor on the day (such day, the “Periodic Term SOFR Index Rate Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first Business Day of each month, adjusted monthly on the first Business Day of each month, as such rate is published by the Term SOFR Administrator; provided, that if as of 5:00 p.m. on any Periodic Term SOFR Index Rate Determination Day the Term SOFR Reference Rate for a one-month tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, the Term SOFR Index Rate will be the Term SOFR Reference Rate for such one-month 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 one-month tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Index Rate Determination Day.
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Term SOFR Index Rate means on any date of determination, Adjusted Term SOFR for a one-month tenor, changing when and as the published Term SOFR rate for such tenor changes.
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Term SOFR Index Rate or “TSIR” means on any date of determination, Adjusted Term SOFR for a one-month tenor, changing when and as the published Term SOFR rate for such tenor changes.
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Examples of Term SOFR Index Rate in a sentence

  • 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 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.

  • Agent will promptly notify Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use, implementation, or administration of the Term SOFR Index Rate, or any temporary or permanent replacement for the Term SOFR Index Rate.

  • 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.

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


More Definitions of Term SOFR Index Rate

Term SOFR Index Rate means the greater of (a) the forward-looking SOFR administered by CME Group, Inc. (or another administrator selected by the Agent) and published on the applicable Bloomberg LP screen page (or such other commercially available source providing such quotations as may be selected by the Agent), fixed by the administrator thereof two (2) Business Days prior to the applicable Reset Date (provided, however, that if the Term SOFR Index Rate is not published for such Business Day, then the Term SOFR Index Rate shall be determined by reference to the immediately preceding Business Day on which such rate is published) and adjusted for reserves if the Agent is required to maintain reserves with respect to the relevant Borrowings, all as determined by the Agent in accordance with this Agreement and the Agent’s loan systems and procedures periodically in effect and (b) the Index Floor.
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Term SOFR Index Rate means and refer to the Successor Rate.
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Term SOFR Index Rate means the rate per annum determined by the Calculation Agent on each Computation Date, equal to the sum of (a) the Term SOFR Rate, (b) 0.44% (44 basis points) and (c) the Applicable Margin. In the event that the Term SOFR Rate or any other index that may be used to calculate interest due under the terms of the Note is determined to be less than zero, such index shall be deemed to be zero for purposes of the Note.
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Term SOFR Index Rate means the rate per annum determined by the Calculation Agent on each Computation Date, equal to the sum of (a) the Term SOFR Rate, (b) 0.44% (44 basis points) and (c) the Applicable Margin. In the event that the Term SOFR Rate or any other index that may be used to calculate interest due under the terms of the Note is determined to be less than zero, such index shall be deemed to be zero for purposes of the Note.
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Related to Term SOFR Index Rate

  • Term SOFR Rate means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

  • Term SOFR Reference Rate means the forward-looking term rate based on SOFR.

  • Index Rate means, for any day, a floating rate equal to the higher of (i) the rate publicly quoted from time to time by The Wall Street Journal as the "base rate on corporate loans posted by at least 75% of the nation's 30 largest banks" (or, if The Wall Street Journal ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled "Selected Interest Rates" as the Bank prime loan rate or its equivalent), and (ii) the Federal Funds Rate plus 50 basis points per annum. Each change in any interest rate provided for in the Agreement based upon the Index Rate shall take effect at the time of such change in the Index Rate.

  • Term SOFR Screen Rate means the forward-looking SOFR term rate administered by CME (or any successor administrator 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).

  • Base Rate Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • LIBO Rate means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750 of the Dow Xxxxx Market Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.

  • Adjusted LIBO Rate means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

  • EURIBOR Rate has the meaning specified in the definition of “Eurocurrency Rate”.

  • Term SOFR Determination Day has the meaning assigned to it under the definition of Term SOFR Reference Rate.