Treasury Rate Sensitivity measures how changes in benchmark or funding rates affect borrower pricing, yield or repayment comfort. In underwriting, it provides business and banking context that supports facility structuring, risk assessment and credit-decision documentation. It helps convert raw borrower information into a clear credit narrative, especially when the relationship involves multiple facilities, lenders or business activities. For example, floating-rate debt can become costlier when benchmark rates rise, affecting DSCR and monthly servicing comfort. It matters because the same borrower can look different depending on banking arrangement, transaction behaviour, documentation quality and business context. The common caution is to document the source, date, assumptions and credit impact so the term does not become a vague narrative label.