Average SOFR definition

Average SOFR as the Reference Rate; and (3) “Index Determination” to be “Not Applicable”, the Rate of Interest for an Interest Period will, subject to Condition 3(b)(ix) (Benchmark Discontinuation – SOFR) and as provided below, be the Average SOFR Rate with respect to such Interest Period plus or minus (as indicated in the applicable Final Terms) the applicable Margin (if any).
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Average SOFR means, with respect to an Interest Period the arithmetic mean of SOFR in effect during such Interest Period as calculated by the Agent or the Calculation Agent, as applicable, on the relevant Interest Determination Date in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest fifth decimal place, with 0.000005 being rounded upwards):
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Average SOFR means, as of any date of determination, the average Term SOFR with respect to the two most recently ended calendar months.
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Examples of Average SOFR in a sentence

  • The Paying Agent will obtain 30-Day Average SOFR for each interest accrual period in accordance with the Indenture.

  • If a published 30-Day Average SOFR rate is unavailable on a Benchmark Determination Date while the Benchmark is 30-Day Average SOFR, then the 30-Day Average SOFR rate will be 30-Day Average SOFR for the most recent Business Day on which such rate was published.

  • The Calculation Agent will obtain 30-Day Average SOFR and the Administrator will calculate the Interest Rate for the Class A-2b Notes using the method described herein.

  • If a published 30-Day Average SOFR rate is unavailable on a SOFR Determination Date and a Benchmark Transition Event has not occurred with respect to 30-Day Average SOFR, the Class A-2b Notes will bear interest at a rate based on 30-Day Average SOFR for the first preceding SOFR Determination Date for which such rate was published on the FRBNY’s Website.

  • If the Benchmark is 30-Day Average SOFR, on each Benchmark Determination Date, the Calculation Agent shall notify the Servicer, the Administrator, the Indenture Trustee and the Issuer of the Benchmark for the related Interest Period by email on the Business Day following the date the rate is obtained.

  • All determinations of 30-Day Average SOFR by the Calculation Agent and all determinations of any other applicable Benchmark Replacement and all calculations of the Class A-2b Rate by the Administrator shall, in the absence of manifest error, be conclusive for all purposes and binding on the Noteholders.

  • The Issuer appoints the Indenture Trustee as Calculation Agent for the purposes of (i) obtaining 30-Day Average SOFR from the FRBNY Website, as indicated herein, for each Interest Period, and (ii) providing the same to the Administrator to calculate the interest rate for the Floating Rate Notes as described herein; and the Indenture Trustee hereby accepts such appointment.

  • The 30-Day Average SOFR rate will be obtained by the Paying Agent for each Interest Period by referring to the FRBNY’s website at 3:00 p.m. (New York time) on the SOFR Determination Date.

  • The Calculation Agent will obtain 30-Day Average SOFR for each Interest Period by referring to the applicable published source and will provide the same to the Administrator to calculate the interest rate on the Floating Rate Notes.

  • If the Benchmark is any rate other than 30-Day Average SOFR, on each Benchmark Determination Date, the Administrator shall notify the Servicer, the Issuer and the Indenture Trustee by email of the Benchmark for the related Interest Period.


More Definitions of Average SOFR

Average SOFR means, for any Interest Period for any Average SOFR Advance, a rate per annum (rounded upward to the next one-sixteenth of one percent (0.0625%), if necessary), equal to the greater of (a) “30-Day Average SOFR” (as revised if applicable) published by the SOFR Administrator on the SOFR Administrator’s Website on the date that is the first day of such Interest Period for such Average SOFR Advance, and (b) one percent (1.00%).
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Average SOFR means, for a given Interest Period, the arithmetic average of SOFR for each day in the related Interest Period.
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