Examples of Securities Business 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).
Reset Dates: each day in an Interest Period; provided, however, that in respect of any Interest Period, the period beginning two (2) U.S. Government Securities Business Days prior to an Interest Payment Date shall be a Suspension Period.
If the daily SOFR (“SOFRi”) does not so appear for any day “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website.
SOFR DefinitionThe following provisions will apply to the calculation of SOFR for the Notes: “SOFR” means, with respect to any Reset Date:(1) the Secured Overnight Financing Rate published at 5:00 p.m. (New York time) on the Federal Reserve’s Website on the Reset Date (or, if such Reset Date is not a U.S. Government Securities Business Day, on the first U.S. Government Securities Business Day following such Reset Date) for trades made on the related Determination Date.