Term SOFR Reference Rate Clause Samples
The Term SOFR Reference Rate clause defines the specific interest rate benchmark, known as the Term Secured Overnight Financing Rate (SOFR), to be used for calculating interest payments in a financial agreement. This clause typically outlines how the Term SOFR is determined, such as referencing a published rate for a particular tenor (e.g., one-month or three-month), and may specify fallback procedures if the rate is unavailable. Its core practical function is to ensure both parties have a clear, objective, and consistent basis for determining interest, thereby reducing ambiguity and potential disputes over payment calculations.
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Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Title Insurance Company. Fidelity National Title Insurance Company, Chicago Title Insurance Company, First American Title Insurance Company, S▇▇▇▇▇▇ Title Guaranty Company, and/or any other title insurance company or companies approved by the Agent and the Borrower.
Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Titled Agents. The Arranger the Syndication Agent, and any co-syndication agents or documentation agent.
Term SOFR Reference Rate. The forward-looking term rate based on SOFR.
Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Titled Agents. The Arrangers, any co-syndication agents, and any documentation agents, in each case, set forth on the cover page hereto from time to time.
Term SOFR Reference Rate. A certificate of the Agent or a Lender delivered to the Borrower setting forth the amount that the Agent or such Lender is entitled to receive pursuant to this Section 3.05 shall be conclusive absent manifest error. The Borrower shall pay such amount to the Agent or such Lender, as the case may be, within ten (10) days after receipt thereof.
Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Third Amendment. The Third Amendment to Credit Agreement dated as of February 13, 2024 by and among the Borrower, the Guarantors, Agent and the Lenders.
Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Total Commitment. The sum of the Commitments of the Lenders, as in effect from time to time. As of the Closing Date, the Total Commitment is Twenty Million and No/100 Dollars ($20,000,000.00). Trust. GCLP Business Trust II, a Massachusetts business trust. Trust Preferred Equity. Any Indebtedness of the Borrower, the Parent and any of their Subsidiaries which (i) has an original maturity of not less than thirty (30) years, (ii) is not putable to any of the Borrower, the Parent and any of their Subsidiaries, (iii) is non-amortizing and provides for payment of interest only not more often than quarterly, (iv) imposes no financial covenants on Borrower, Parent or their respective Subsidiaries, and (v) is subordinated to the Loan Documents and the Obligations of the Borrower and the Guarantors thereunder on such terms as are reasonably acceptable to the Agent.