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).
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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).