两者都属于贷款利率。随着LIBOR利率逐渐停用，对其他基准利率的使用频率将越来越高。

“Term”在这里指的是“期限”，即利率的期限。

SOFR全称Secured Overnight Financing Rate，指有担保隔夜融资利率。

SOFR是基于美国公债回购市场的交易，银行业者和投资者借助该市场对美国公债进行隔夜借入或贷出。它由3种美国国债回购利率组成，分别是3方一般担保利率、广义一般担保利率和双方回购利率，这是最广泛的利率指标，市场深度在其它指标中最大。

SOFR计算方法是，将以美国国债为抵押的隔夜回购交易数据按交易量加权从低到高排序，选择美元交易量排在第50的百分位数对应的SOFR利率值对外公布，其他百分位值一并公布供参考。

与常见的LIBOR相比，两者主要的区别在于：1. 美元LIBOR的期限包含从隔夜到一年的7种类型，而SOFR仅有隔夜这一种期限。2. LIBOR表示的是无担保借款的利率，因此存在信用风险，而SOFR表示的是有担保借款的利率，因此信用风险较小。

其英文释义如下：

The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The SOFR includes all trades in the Broad General Collateral Rate plus bilateral Treasury repurchase agreement (repo) transactions cleared through the Delivery-versus-Payment (DVP) service offered by the Fixed Income Clearing Corporation (FICC), which is filtered to remove a portion of transactions considered “specials”.

TORF全称Tokyo Term Risk Free Rate，指东京期限无风险利率。某授信函中有关这一条款的双语示例如下：

“Term TORF” means, in relation to any day on which the rate for the Discounting Charge is to be determined, Tokyo Term Risk Free Rate, provided that if the Bank determines that its funding cost for that day would be in excess of the applicable Tokyo Term Risk Free Rate and 0.05809% per cent per annum, the rate for the Discounting Charge for the relevant period shall be the cost of funding as specified by the Bank.

“期限TORF”，就确定用于计算贴现手续费的利率的任何一天而言，系指东京期限无风险利率，但前提是如果银行确定其该日的资金成本将超过相关东京期限无风险利率和年利率0.05809%，则用于计算相关期间贴现手续费的利率应为银行指明的资金成本。

“Tokyo Term Risk Free Rate” means, in relation to any day on which the rate for the Discounting Charge is to be determined:

“东京期限无风险利率”，就确定贴现手续费的利率的任何一天而言，系指：

(a) the applicable TORF Screen Rate as of 17:00 (JST) (or a time immediately after 17:00 (JST)) two Banking Days before that day (or such other time or day as determined by the Bank if the market practice differs); or

(a) 截至在该日（或如果市场惯例不同，由银行确定的其他时间或日期）前两个银行营业日日本标准时间下午17:00（或日本标准时间下午17:00过后的时间）的相关TORF当前利率；或

(b) if the TORF Screen Rate is not available under paragraph (a) above for that day, the percentage rate per annum which is the aggregate of:

(b)如果根据上文(a)项该日的TORF当前利率不可用，则为等于以下两项之和的年百分比利率：

(i) the Central Bank Rate prevailing before that day as determined by the Bank; and

由银行确定的该日之前的中央银行利率；以及

(ii) the applicable Central Bank Rate Adjustment,

适用的中央银行利率调整，

And if in either case if the rate or aggregate of that rate (as the case may be) is less than zero, the Tokyo Term Risk Free Rate shall be deemed to be zero.

而且如果在任何一种情况下，该等利率或该利率的总和（视情况而定）小于零，东京期限无风险利率应视为零。