Weighted Average SOFR means the arithmetic mean of SOFR in effect for each Business Day during the relevant Interest Period, calculated by multiplying the relevant SOFR by the number of calendar days such SOFR is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Interest Period, provided however that during a Suspension Period, the SOFR for each day during that Suspension Period will be the value for the Business Day immediately prior to the first day of such Suspension Period. For purposes of this provision “Suspension Period” is the number of Business Days prior to the end of the relevant Interest Period as specified in the applicable pricing supplement.
Weighted Average SOFR means, in relation to any Interest Accrual Period, the arithmetic mean of SOFRi in effect for each U.S. Government Securities Business Day during such Interest Accrual Period (each such U.S. Government Securities Business Day, “i”), calculated by multiplying the relevant SOFRi for any U.S. Government Securities Business Day “i” by the number of days such SOFRi is in effect (being the number of calendar days from (and including) such U.S. Government Securities Business Day “i” up to (but excluding) the following U.S. Government Securities Business Day), determining the sum of such products and dividing such sum by the number of calendar days in the relevant Interest Accrual Period.
Weighted Average SOFR means the arithmetic mean of the SOFR in effect for each SOFR Reset Date during the relevant Interest Period (each such U.S. Government Securities Business Day, "i"), calculated by multiplying the relevant SOFR by the number of SOFR Reset Dates such SOFR is in effect, determining the sum of such products and dividing such sum by the number of SOFR Reset Dates in the relevant Interest Period, provided however that the last four (4) SOFR Reset Dates of such Interest Period shall be a "Suspension Period". During a Suspension Period, the SOFR for each day during that Suspension Period will be the value for the SOFR Reset Date immediately prior to the first day of such Suspension Period.
Examples of Weighted Average SOFR in a sentence
This Note is a Fixed Rate Note, a Floating Rate Note (which shall include a XXXXX Linked Interest Note, a Compounded Daily SOFR Linked Interest Note or a Weighted Average SOFR Linked Interest Note if this Note is specified as such in the Final Terms or Pricing Supplement) or a Zero Coupon Note or a combination of any of the foregoing, depending upon the Interest Basis and Redemption Basis shown hereon.
If Screen Rate Determination is specified in the relevant Final Terms or Pricing Supplement as the manner in which the Rate(s) of Interest is/are to be determined and the applicable Reference Rate is Weighted Average SOFR, the Rate of Interest applicable to the Notes for each Interest Accrual Period will be the sum of the Margin and Weighted Average SOFR determined by the Calculation Agent in relation to such Interest Accrual Period.
This Condition4.7 applies to Floating Rate Instruments where the applicable Pricing Supplement specifies: (1) Screen Rate Determination and Overnight Rate as being applicable to the Instruments; (2) either Compounded Daily SOFR or Weighted Average SOFR as the Reference Rate; and (3) Index Determination as being not applicable to the Instruments.
Where the Reference Rate is specified as being Weighted Average SOFR, the Rate of Interest for each Interest Period will, subject as provided below, be Weighted Average SOFR plus or minus (as indicated in the Final Terms) the Margin (if any), all as determined by the Calculation Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the Final Terms) on the Interest Determination Date for such Interest Period.
Where the applicable Pricing Supplement specifies the Reference Rate to be Weighted Average SOFR, the provisions of paragraph (B) below of this Condition 4.7 apply.
More Definitions of Weighted Average SOFR
Weighted Average SOFR means, in relation to any Interest Period, means the arithmetic mean of "SOFRi" in effect during such Interest Period (each such U.S. Government Securities Business Day, "i"), and will be calculated by the Principal Paying Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Final Terms Document) on each Interest Determination Date by multiplying the relevant "SOFRi" by the number of days such "SOFRi" is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Interest Period.
Weighted Average SOFR means the arithmetic mean of the ‘SOFRi’ in effect for each SOFR Reset Date during the relevant Interest Period, calculated by multiplying the relevant ‘SOFRi’ by the number of calendar days such ‘SOFRi’ is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Interest Period.
Weighted Average SOFR means, in relation to any Interest Accrual Period, the arithmetic mean of “SOFRi” in effect during such Interest Accrual Period and will be calculated by the Calculation Agent on each Interest Determination Date as follows, and the resulting percentage will be rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards:
Weighted Average SOFR means, in relation to any Extended Interest Period, means the arithmetic mean of 'SOFRi' in effect during such Extended Interest Period (each such U.S. Government Securities Business Day, 'i'), and will be calculated by [the Calculation Agent] [other party responsible for the calculation of the Extended Rate of Interest] on each Extended Interest Determination Date by multiplying the relevant 'SOFRi' by the number of days such 'SOFRi' is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Extended Interest Period.] If SOFR is not available or if no such quotation appears and, (1) unless the Issuer has confirmed to the Calculation Agent that both a SOFR Index Cessation Event (as defined below) and a SOFR Index Cessation Effective Date (as defined below) have occurred, SOFR will be the rate in respect of the last U.S. Government Securities Business Day for which SOFR was published; or (2) if the Issuer has confirmed to the Calculation Agent that both a SOFR Index Cessation Event and a SOFR Index Cessation Effective Date have occurred, the rate (inclusive of any spreads or adjustments) that was notified to the Calculation Agent by the Issuer as being the rate that was recommended as the replacement for SOFR by the Federal Reserve Board and/or the Federal Reserve Bank of New York or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a replacement for SOFR (which rate may be produced by a Federal Reserve Bank or other designated administrator), provided that, if no such rate has been notified to the Calculation Agent by the Issuer as having been recommended within one U.S. Government Securities Business Day of the SOFR Index Cessation Effective Date, then the rate for each Extended Interest Determination Date occurring on or after the SOFR Index Cessation Effective Date will be determined as if (i) references to SOFR were references to OBFR (as defined below),(ii) references to U.S. Government Securities Business Day were references to New York Business Day, (iii) references to SOFR Index Cessation Event were references to OBFR Index Cessation Event (as defined below) and (iv) references to SOFR Index Cessation Effective Date were references to OBFR Index Cessation Effective Date (as defined below); and provided further that, if no such rate has been notified to the Calculation Agent by the Issuer as ...
Weighted Average SOFR and (iii) “Index Determination” is specified as ‘Not Applicable’ in the relevant Final Terms shall, subject as provided below, be Weighted Average SOFR with respect to such Interest Period plus or minus (as indicated in the applicable Final Terms) the applicable Margin all as determined by the Determination Agent (being the Principal Paying Agent or any other party named in the applicable Final Terms). "Weighted Average SOFR" means: (a) where “Lag” is specified as the Observation Method in the applicable Final Terms, the arithmetic mean of the SOFR in effect for each calendar day during the relevant Observation Period, calculated by multiplying each relevant SOFR by the number of calendar days such rate is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Observation Period. For these purposes, the SOFR in effect for any calendar day which is not a U.S. Government Securities Business Day shall be deemed to be the SOFR in effect for the U.S. Government Securities Business Day immediately preceding such calendar day; and (b) where “Lock-out” is specified as the Observation Method in the applicable Final Terms, the arithmetic mean of the SOFR in effect for each calendar day during the relevant Interest Period, calculated by multiplying each relevant SOFR by the number of days such rate is in effect, determining the sum of such products and dividing such sum by the number of calendar days in the relevant Interest Period, provided however that for any calendar day of such Interest Period falling in the Lock-out Period, the relevant SOFR for each day during that Lock-out Period will be deemed to be the SOFR in effect for the Reference Day immediately preceding the first day of such Lock-out Period. For these purposes, the SOFR in
Weighted Average SOFR means the arithmetic mean of the SOFR in effect for each SOFR Reset Date during the relevant Interest Period, calculated by multiplying the relevant SOFR by the number of SOFR Reset Dates such SOFR is in effect, determining the sum of such products and dividing such sum by the number of SOFR Reset Dates in the relevant Interest Period, provided, however, that the last four SOFR Reset Dates of such Interest Period shall be a "Suspension Period". During a Suspension Period, the SOFR for each day during that Suspension Period will be the value for the SOFR Reset Date immediately prior to the first day of such Suspension Period.(iii) Minimum Rate of Interest and/or Maximum Rate of InterestIf the applicable Final Terms specify a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of Condition 3(b)(ii) above is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest.If the applicable Final Terms specify a Maximum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of Condition 3(b)(ii) above is greater than such Maximum Rate of Interest, the Rate of Interest for such Interest Period shall be such Maximum Rate of Interest.
Weighted Average SOFR means, with respect to an Interest Period, the arithmetic mean of "SOFRi" in effect during such Interest Period and will be calculated by the Calculation Agent on the Interest Determination Date (the "SOFR Determination Date") in accordance with the formula below and the resulting percentage will be rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards: