SOFR Index Cessation Event definition

SOFR Index Cessation Event means the occurrence of one or more of the following events:
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SOFR Index Cessation Event means the occurrence of one or more of the following events as it relates to Daily SOFR:
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SOFR Index Cessation Event means the occurrence of one or more of the following events: (a) a public statement by the Federal Reserve Bank of New York (or a successor administrator of SOFR) announcing that it has ceased or will cease to provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide SOFR; or (b) the publication of information which reasonably confirms that the Federal Reserve Bank of New York (or a successor administrator of SOFR) has ceased or will cease to provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide SOFR; or (c) a public statement by a U.S. regulator or U.S. other official sector entity prohibiting the use of SOFR that applies to, but need not be limited to, all swap transactions, including existing swap transactions.
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Examples of SOFR Index Cessation Event in a sentence

  • If no such rate has been recommended within one U.S. Government Securities Business Day of the SOFR Index Cessation Event, then the Funding Corporation shall use the Overnight Bank Funding Rate appearing at 3:00 p.m. (New York City time) on the FRBNY’s website (“OBFR”) for any Reset Date after the SOFR Index Cessation Date (it being understood that the OBFR for any such Reset Date will be for transactions made on the related Determination Date).

  • If no such rate has been recommended within one U.S. Government Securities Business Day of the SOFR Index Cessation Event, then the Calculation Agent shall use the Overnight Bank Funding Rate published on the Federal Reserve’s Website for any Reset Date after the SOFR Index Cessation Date (it being understood that the Overnight Bank Funding Rate for any such Reset Date will be for trades made on the related Determination Date).

  • If the secured overnight financing rate cannot be determined with respect to such any Business Day as specified in paragraph (1), unless both a SOFR Index Cessation Event and a SOFR Index Cessation Date have occurred, then the Redemption and Paying Agent shall use the secured overnight financing rate in respect of the last Business Day for which such secured overnight financing rate was published on the Federal Reserve Bank of New ‎York’s website.

  • If no such rate has been recommended within one Business Day of the SOFR Index Cessation Event, then the Redemption and Paying Agent shall use the OBFR published on the Federal Reserve Bank of New ‎York’s website for any Business Day after the SOFR Index Cessation Date (it being understood that the OBFR for any such Business Day will be the Overnight Bank Funding Rate on the Federal Reserve Bank of New ‎York’s website as of 4:00 p.m., New York City time).

  • Investors should be aware that if the Reference Rate has been discontinued, or, inter alia, another Benchmark Event, an €STR Index Cessation Event or a SOFR Index Cessation Event has occurred, the Rate of Interest on the Covered Bonds may be determined for the relevant period by reference to a substitute, alternative or successor rate, in accordance with the applicable fallback provision set out in Condition 5(b)(ii) (Rate of Interest) or Condition 5(c) (Replacement Reference Rate).

  • Notices, etc.The specific terms of any SOFR Index Cessation Event or OBFR Index Cessation Event and any changes to the reference rates determined under this Condition 5(b) will be notified promptly by the Issuer to the Fiscal Agent, the Calculation Agent, the Paying Agents and, in accordance with Condition 15 ( Notices), the Noteholders.

  • If J < (k − 1)ℓ, it then considers each of the matroids Mi = (Xi, Ii) for which Xi ∈ X(e).

  • We are not persuaded, by a preponderance of the evidence, that claims 1-7 and 9-12 are anticipated by Ginter under 35 U.S.C. § 102(e), or that claim 8 is unpatentable over Ginter and Beetcher under 35 U.S.C. § 103(a).

  • Managing since January 2022M.Com & MFMExperience of more than 29 years in equities.

  • This is because Wednesday, March 31, 2021 will be the first preceding U.S. Government Securities Business Day for which SOFR is published on the New York Fed’s Website at 5:00 p.m. New York City time on Friday April 2, 2021 (assuming the Federal Reserve Bank of New York publishes SOFR on its website for that day and no SOFR Index Cessation Event has occurred).


More Definitions of SOFR Index Cessation Event

SOFR Index Cessation Event means the occurrence of one or more of the following events: (a) a public statement by the Federal Reserve Bank of New York (or a successor administrator of SOFR) announcing that it has ceased or will cease to provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide SOFR; or (b) the publication of information which reasonably confirms that the Federal Reserve Bank of New York (or a successor administrator of SOFR) has ceased or will cease to provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide SOFR; or (c) a public statement by a U.S. regulator or U.S. other official sector entity prohibiting the use of SOFR that applies to, but need not be limited to, all swap transactions, including existing swap transactions. The determination of the Extended Rate of Interest in accordance with the foregoing provisions shall be made by the Calculation Agent.] [If the interest rate is calculated with reference to a rate other than SONIA or SOFR: (1d) Benchmark Discontinuation. [In the case of Notes with interest rate reset: § 3 (5) (Benchmark Discontinuation) shall apply mutatis mutandis to the determination to the Extended Reference Rate, provided that:
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SOFR Index Cessation Event means the occurrence of either of the following events: (i) a public statement by the Federal Reserve (or a successor administrator of SOFR) announcing that it has ceased to publish or provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to publish or provide the Secured Overnight Financing Rate or (ii) the publication of information that reasonably confirms that the Federal Reserve (or a successor administrator of SOFR) has ceased to provide SOFR permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to publish or provide the Secured Overnight Financing Rate.
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SOFR Index Cessation Event. The occurrence of one or more of the following events:
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SOFR Index Cessation Event means the occurrence of one or more of the fol- lowing events:
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Related to SOFR Index Cessation Event

  • €STR Index Cessation Event means the occurrence of one or more of the following events:

  • OBFR Index Cessation Event means the occurrence of one or more of the following events:

  • Index Cessation Event means, with respect to an Applicable Benchmark, (a) a public statement or publication of information by or on behalf of the Administrator of the Applicable Benchmark announcing that it has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider, as applicable, that will continue to provide the Applicable Benchmark; or (b) a public statement or publication of information by the regulatory supervisor for the Administrator of the Applicable Benchmark, the central bank for the currency of the Applicable Benchmark, an insolvency official with jurisdiction over the Administrator for the Applicable Benchmark, a resolution authority with jurisdiction over the Administrator for the Applicable Benchmark or a court or an entity with similar insolvency or resolution authority over the Administrator for the Applicable Benchmark, which states that the Administrator of the Applicable Benchmark has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider that will continue to provide the Applicable Benchmark.

  • SOFR Index Cessation Date means, in respect of a SOFR Index Cessation Event, the date on which the FRBNY (or any successor administrator of the SOFR), ceases to publish the SOFR, or the date as of which the SOFR may no longer be used.

  • OBFR Index Cessation Date means, in respect of an OBFR Index Cessation Event, the date on which the FRBNY (or any successor administrator of the OBFR), ceases to publish the OBFR, or the date as of which the OBFR may no longer be used.

  • SOFR Index Cessation Effective Date means, in relation to a SOFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Secured Overnight Financing Rate) ceases to publish the daily Secured Overnight Financing Rate, or the date as of which the daily Secured Overnight Financing Rate may no longer be used;

  • OBFR Index Cessation Effective Date means, in relation to an OBFR Index Cessation Event, the date on which the Federal Reserve Bank of New York (or any successor administrator of the daily Overnight Bank Funding Rate) ceases to publish the daily Overnight Bank Funding Rate or the date as of which the daily Overnight Bank Funding Rate may no longer be used;

  • €STR Index Cessation Effective Date means, in respect of an €STR Index Cessation Event, the first date on which €STR is no longer provided by the European Central Bank (or any successor administrator of €STR), as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • ECB Recommended Rate Index Cessation Event means the occurrence of one or more of the following events:

  • Index Cessation Effective Date means, in respect of one or more Index Cessation Events, the first date on which CDOR is no longer provided. If CDOR ceases to be provided on the Relevant Original Fixing Date but it was provided at the time at which it is to be observed pursuant to the terms and provisions of the applicable series of CDOR notes, then the Index Cessation Effective Date will be the next day on which the rate would ordinarily have been published;

  • ECB Recommended Rate Index Cessation Effective Date means, in respect of an ECB Recommended Rate Index Cessation Event, the first date on which the ECB Recommended Rate is no longer provided, as determined by the Issuer and notified by the Issuer to the Calculation Agent;

  • Index Call Event means each of the following events:

  • Severe Disruption Event means any event specified as such in the Final Terms.

  • Additional Disruption Event means any of Change in Law, Hedging Disruption and/or Increased Cost of Hedging.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Cessation Date means the date of Participant’s Termination of Service (regardless of the reason for such termination).

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • Succession Event means an event such as a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event in which one entity succeeds to the obligations of another entity, whether by operation of law or pursuant to any agreement. Notwithstanding the foregoing, “Succession Event” shall not include an event in which the holders of obligations of the Reference Entity exchange such obligations for the obligations of another entity, unless such exchange occurs in connection with a merger, consolidation, amalgamation, transfer of assets or liabilities, demerger, spin-off or other similar event.

  • Benchmark Transition Event means the occurrence of one or more of the following events with respect to the then-current Benchmark:

  • Distribution Event means any insolvency, bankruptcy, receivership, liquidation, reorganization or similar proceeding (whether voluntary or involuntary) relating to the Company or its property, or any proceeding for voluntary or involuntary liquidation, dissolution or other winding up of the Company, whether or not involving insolvency or bankruptcy.

  • Fund Disruption Event means any of the following events, as determined by the Determination Agent in its reasonable discretion:

  • Disruption Event means either or both of:

  • Suspension Event As defined in Section 5(b) hereof.

  • Interest Cessation Date means the due date for redemption of the Notes or such other date which is either specified in, or determined in accordance with the provisions of, the Final Terms or Series Offering Document, as applicable.

  • Exclusion Event means an event or related events resulting in the exclusion of the Borrower or any Subsidiary from participation in any Medical Reimbursement Programs.