Period of time chosen by a borrower under a loan agreement during which a floating rate of interest, such as Term SOFR, is fixed for certain of the borrower's loans. Interest periods for Term SOFR loans are typically one, three, or six months in duration, although shorter or longer periods may be available from certain lenders. When an interest period expires, the borrower can usually choose to reset the interest rate on the loans that were covered by the expired interest period by selecting a new interest period. If it does so, the current interest rate is used to fix the rate that will apply to the loans for the new interest period. If the borrower chooses not to renew an expired interest period, the loan will become a floating rate loan when the interest period expires.