This practice note looks at drafting interest rate provisions in a post-LIBOR world for project finance facilities for projects located in developing markets. It focuses specifically on the complexities of using either a backwards-looking SOFR rate compounded in arrears or a forward-looking term SOFR rate and the impact of using SOFR (backwards or forward looking) may have on other provisions of a facility agreement. This note also looks at the impact using SOFR has on transactions involving an Islamic financing tranche.