Term SOFR Available Tenor definition
Term SOFR Available Tenor means, as of any date of determination and with respect to the then-current Term SOFR Benchmark, (x) if any then-current Term SOFR Benchmark is a term rate, any tenor for such Term SOFR Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Term SOFR Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Term SOFR Benchmark, in each case as of such date and not including, for the avoidance of doubt, any tenor for such Term SOFR Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (m) of Section 2.12.
Examples of Term SOFR Available Tenor in a sentence
During any Term SOFR Benchmark Unavailability Period or at any time that any tenor for the then-current Term SOFR Benchmark is not an Term SOFR Available Tenor, the component of Base Rate based upon the then-current Term SOFR Benchmark or such tenor for such Term SOFR Benchmark, as applicable, will not be used in any determination of Base Rate.