Term SOFR Interest Period definition
Term SOFR Interest Period means with respect to that portion of the Loan bearing interest based on Term SOFR, a period of 1 day, 1 month or 3 months, each to the extent such tenor is an Available Tenor, commencing on a SOFR Business Day as selected by Borrower in accordance with this Agreement, or on such other SOFR Business Day as is acceptable to Agent and Borrower; provided, however, that (a) if any Term SOFR Interest Period would end on a day other than a Business Day, such Term SOFR Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Term SOFR Interest Period shall end on the next preceding Business Day, (b) any Term SOFR Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Term SOFR Interest Period) shall end on the last Business Day of the last calendar month of such Term SOFR Interest Period, (c) no Term SOFR Interest Period shall extend beyond the Termination Date and (d) no tenor that has been removed from this definition pursuant to Section 15.24 shall be available for specification in any borrowing request. For purposes hereof, the date of a Loan or SOFR Borrowing initially shall be the date on which such Loan or SOFR Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or SOFR Borrowing.
Term SOFR Interest Period means, with respect to any amount to which the Term SOFR Rate Option applies, the period of one (1) month (subject to the availability thereof) as selected by the Borrower, commencing on the date of disbursement of such amount (or the date of conversion of any amount to the Term SOFR Rate Option, as the case may be) and each successive period selected by the Borrower thereafter; provided that:
Term SOFR Interest Period means with respect to that portion of the Loan bearing interest based on Term SOFR, a period of 1 month to the extent such tenor is an Available Tenor, commencing on a SOFR Business Day as selected by Borrower in accordance with this Agreement, or on such other SOFR Business Day as is acceptable to Agent and Borrowers; provided, however, that (a) if any Term SOFR Interest Period would end on a day other than a Business Day, such Term SOFR Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Term SOFR Interest Period shall end on the next preceding Business Day, (b) any Term SOFR Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Term SOFR Interest Period) shall end on the last Business Day of the last calendar month of such Term SOFR Interest Period, and (c) no Term SOFR Interest Period shall extend beyond the Maturity Date. For purposes hereof, the date of a Loan or SOFR Borrowing initially shall be the date on which such Loan or SOFR Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or SOFR Borrowing.
Examples of Term SOFR Interest Period in a sentence
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request (or to elect to continue as a Term SOFR Borrowing) any Borrowing if the Term SOFR Interest Period requested therefor would end after the Final Maturity Date.
If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied to Borrowings in the order of the remaining duration of their respective Term SOFR Interest Periods (the Borrowing with the shortest remaining Term SOFR Interest Period to be repaid first).
Not more than eight (8) different groups (meaning, for purposes of this clause (d), Term SOFR Loans having the same Term SOFR Interest Period which expire on the same day) of Term SOFR Loans shall be outstanding at any one time.
Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing of Term SOFR Loans (to the extent of the affected Term SOFR Loans or the affected Term SOFR Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of ABR Loans in the amount specified therein and any outstanding affected Term SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Term SOFR Interest Period.
Each Borrowing shall bear interest at a rate per annum equal to the higher of (i) the applicable Term SOFR for the related Term SOFR Interest Period for such Borrowing plus the Applicable Margin and (ii) 6.00%.
More Definitions of Term SOFR Interest Period
Term SOFR Interest Period means, with respect to any amount to which Term SOFR applies as set forth herein, the period of thirty (30) days (subject to the availability thereof) commencing on the date of the Note and on each successive Reset Date thereafter; provided that:
Term SOFR Interest Period as to each Term SOFR Advance, the period commencing on the date such Term SOFR Advance is disbursed or converted to or continued as a Term SOFR Advance and ending on the date one, three or six months thereafter, as selected by the Borrower in its Borrowing Request; provided that:
Term SOFR Interest Period with respect to the Note, means the one-month period which commences on the date of reissuance of the Note pursuant to this First Amendment, and each successive one-month period; provided that:
Term SOFR Interest Period means, with respect to a Term SOFR Advance (other than a Term SOFR Bid Rate Advance), a period of one, three or six months or, with respect to a Term SOFR Bid Rate Advance, a period of one, three or six months, in each case commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Term SOFR Interest Period shall end on the day which corresponds numerically to such date one, three or six thereafter, provided, however, that if there is no such numerically corresponding day in such next, third or sixth succeeding month, such Term SOFR Interest Period shall end on the last Business Day of such next, third or sixth succeeding month. If a Term SOFR Interest Period would otherwise end on a day which is not a Business Day, such Term SOFR Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Term SOFR Interest Period shall end on the immediately preceding Business Day. For the avoidance of doubt, any tenor may be removed from this definition in accordance with Section 3.5(f).
Term SOFR Interest Period means (a) initially, the period commencing on October 1, 2024 and ending on October 31, 2024, and (b) thereafter, a period commencing on the first Business Day of each month, commencing November 1, 2024 and ending on the day immediately preceding the first Business Day of the next calendar month. Each successive calendar month period (or portion thereof with respect to the final Term SOFR Interest Period) during the term of this Amended and Restated Series 2019 Note (including any extensions thereof) shall constitute a separate Term SOFR Interest Period.
Term SOFR Interest Period. (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will no longernot be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Agent may modify the definition of “Interest Period” or “Term SOFR Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
Term SOFR Interest Period or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 11.11 and other technical, administrative or operational matters) that the Agent decides (after consultation with the Borrowers but in Agent’s sole discretion) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).