Common use of Unavailability of Term SOFR Clause in Contracts

Unavailability of Term SOFR. 9.1.1 If no Term SOFR is available for the Interest Period of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan. 9.1.2 If Clause 9.1.1 applies but Interpolated Term SOFR is not available for the Interest Period of the Loan there shall be no Reference Rate for the Loan and Clause 9.3 (Cost of funds) shall apply to the Loan for that Interest Period.

Unavailability of Term SOFR. 9.1.1 10.1.1 If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan. 9.1.2 10.1.2 If Clause 9.1.1 10.1.1. applies but it is not possible to calculate the Interpolated Term SOFR is not available for the Interest Period of the Loan SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 9.3 10.3 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.