Term SOFR Rate Loans Clause Samples
The 'Term SOFR Rate Loans' clause defines the terms and conditions under which loans are made at an interest rate based on the Term Secured Overnight Financing Rate (SOFR). This clause typically outlines how the Term SOFR is determined, the applicable interest periods, and any adjustments or conventions for calculating interest. For example, it may specify how the rate is set at the start of each interest period and how changes in the benchmark are handled. Its core function is to provide a clear and standardized method for calculating interest on loans tied to the Term SOFR, ensuring transparency and predictability for both lenders and borrowers.
Term SOFR Rate Loans. Each Term SOFR Rate Loan made or maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan or Daily Simple SOFR Rate Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted Term SOFR applicable for such Interest Period, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).
Term SOFR Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of EurodollarAdjusted Term SOFR Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Term SOFR Rate Loans. The Term Loans bearing interest by reference to Daily Simple SOFR.
Term SOFR Rate Loans. Each Term SOFR Rate Loan made or maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced or continued, or created by conversion from a (i) Base Rate Loan or
Term SOFR Rate Loans. During such periods as a Revolving Credit Loan is a Term SOFR Rate Loan, a rate per annum equal to the sum of the Adjusted Term SOFR Rate for the Interest Period of such Term SOFR Rate Loan, plus the Applicable Term SOFR Rate Percentage in effect from time to time during the Interest Period of such Term SOFR Rate Loan, in accordance with Section 3.1(i), payable (A) on the last day of each Interest Period and (B) if such Interest Period has a duration of more than three months, three months after the first day of such Interest Period and (C) on the date such Term SOFR Rate Loan shall be converted to a Base Rate Loan or to a Term SOFR Rate Loan of a different Interest Period or paid in full and at maturity (whether by reason of acceleration or otherwise).
Term SOFR Rate Loans. Each Term SOFR Rate Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the Adjusted Term SOFR Rate for such Interest Period plus the Applicable Percentage
Term SOFR Rate Loans. Each Term SOFR Rate Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the Adjusted Term SOFR Rate for such Interest Period plus the Applicable Percentage for Term SOFR Rate Loans for such day. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Term SOFR Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the sum of (A) the Adjusted Term SOFR Rate applicable to such Loan at the date such payment was due plus (B) the
Term SOFR Rate Loans. Subject to the provisions of Section 2.06(g), following a USD LIBOR Transition Event, the Loans comprising each Term SOFR Rate Borrowing, shall bear interest at a rate per annum equal to the then-applicable Benchmark forTerm SOFR Rate Loans plus the Applicable Margin.
Term SOFR Rate Loans. The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans or Term SOFR Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate or the Term SOFR Rate by the Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base Rate promptly following the announcement of such change.
Term SOFR Rate Loans. Each Term SOFR Rate Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the Adjusted Term SOFR Rate for such Interest Period plus the Applicable Percentage for Term SOFR Rate Loans for such day. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Term SOFR Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the sum of (A) the Adjusted Term SOFR Rate applicable to such Loan at the date such payment was due plus (B) the Applicable Percentage for Term SOFR Rate Loans for such day (or, if the circumstance described in Section 2.14 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day).