Unavailability of SOFR Sample Clauses
The "Unavailability of SOFR" clause defines what happens if the Secured Overnight Financing Rate (SOFR) is not published or cannot be determined for a given period. In practice, this clause typically outlines alternative reference rates or fallback procedures that the parties will use to calculate interest if SOFR becomes unavailable, such as switching to a different benchmark or using a rate recommended by relevant authorities. Its core function is to ensure continuity and certainty in interest rate calculations, preventing disputes or disruptions in financial contracts when the primary reference rate is inaccessible.
Unavailability of SOFR. If the Agent determines (which determination shall be conclusive absent manifest error) that “Daily Simple SOFR” or “Term SOFR” cannot be determined pursuant to the definition thereof other than as a result of a Benchmark Transition Event, then the Agent will promptly so notify the Company and each Lender. Upon notice thereof by the Agent to the Company, (i) any obligation of the Lenders to make or continue SOFR Loans or to convert Alternate Base Rate Loans to Term SOFR Loans shall be suspended, (ii) all SOFR Loans shall be immediately converted to Alternate Base Rate Loans, and (iii) the component of the Alternate Base Rate based upon SOFR will not be used in any determination of the Alternate Base Rate, in each case, until the Agent revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans or, failing that, will be deemed to have converted such request into a request for Alternate Base Rate Loans in the amount specified therein.
Unavailability of SOFR. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 3.3(b), if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have determined, that:
(i) for any reason in connection with any request for a SOFR Rate Loan or a conversion or continuation thereof, that the applicable SOFR Rate for any requested Interest Period (if appliable) with respect to such SOFR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loans, or
(ii) the interest rate applicable to any SOFR Rate Loan for any requested Interest Period (if applicable) is not ascertainable or available (including, without limitation, because the applicable Screen (or on any successor or substitute page on such screen) is unavailable) and such inability to ascertain or unavailability is not expected to be permanent, then the Administrative Agent shall suspend the availability of the affected SOFR Rate Loans and require any affected SOFR Rate Loans to be repaid or converted to Base Rate Loans (at the end of the current Interest Period applicable thereto in the case of Term SOFR Rate Loans, if not repaid prior to the end of such Interest Period), subject to the payment of any funding indemnification amounts required by Section 3.4.
Unavailability of SOFR. Upon the Borrower’s receipt of notice of the commencement of a SOFR Unavailability Period, the Borrower may revoke any request to borrow a SOFR Loan, or Conversion to or Continuation of SOFR Loans, to be made, Converted or Continued during any SOFR Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or Conversion to Base Rate Loans. If a SOFR Unavailability Period has commenced and the circumstances are not likely to be temporary, as reasonably determined by the Administrative Agent, then the provisions of Section 4.9 shall be applicable. 4889-7534-3155, v. 14
Unavailability of SOFR. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 3.03(b), if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have determined, that:
(i) for any reason in connection with any request for a SOFR Rate Borrowing or a conversion or continuation thereof, that the applicable Benchmark with respect to such SOFR Rate Borrowing does not adequately and fairly reflect the cost to such Lenders of funding such Loans, or
(ii) the interest rate applicable to any SOFR Rate Borrowing is not ascertainable or available (including, without limitation, because the applicable Screen (or on any successor or substitute page on such screen) is unavailable) and such inability to ascertain or unavailability is not expected to be permanent, then the Administrative Agent shall suspend the availability of the affected SOFR Rate Borrowings and require any affected SOFR Rate Borrowings to be repaid or converted to Base Rate Borrowings, subject to the payment of any funding indemnification amounts required by Section 3.05.
Unavailability of SOFR. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, but subject to Section 3.3(b), if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have determined, that
i. For any reason Daily Simple SOFR does not adequately and fairly reflect the cost to the Lenders of funding Loans, or
ii. Daily Simple SOFR is not ascertainable or available (including, without limitation, because the applicable screen (or any successor or substitute page on such screen) is unavailable) and such inability to ascertain or unavailability is not expected to be permanent, or does not adequately and fairly reflect the cost of making or maintaining Borrowings, then the Administrative Agent shall suspend the availability of Borrowings at the Daily Simple SOFR Rate and require any affected Advances to be repaid or to bear interest at the Base Rate.