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. 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.
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Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Titled Agents. The Arrangers, the Syndication Agents, the Sustainability Agents and the Documentation Agent.
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Term SOFR Reference Rate. The forward-looking term rate based on SOFR.
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Term SOFR Reference Rate. The forward-looking term rate based on SOFR. Title Insurance Company. Any title insurance company or companies approved by the Agent and the Borrower.
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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.
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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.
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Related to Term SOFR Reference Rate

  • Applicable Margin On any date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Gross Asset Value of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 2.50 % 1.25 % Pricing Level 2 Greater than 35% but less than or equal to 40% 2.75 % 1.50 % Pricing Level 3 Greater than 40% but less than or equal to 45% 3.00 % 1.75 % Pricing Level 4 Greater than 45% but less than or equal to 55% 3.25 % 2.00 % Pricing Level 5 Greater than 55% 3.50 % 2.25 % The initial Applicable Margin shall be at Pricing Level 4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.

  • Base Rate The higher of (a) the annual rate of interest announced from time to time by BKB at its head office in Boston, Massachusetts, as its "base rate" and (b) one-half of one percent (1/2%) above the Federal Funds Effective Rate. For the purposes of this definition, "Federal Funds Effective Rate" shall mean for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three funds brokers of recognized standing selected by the Agent.