Determination of Compounded SOFR. Compounded SOFR with respect to each Payment Date will be determined as set forth under Section 6.1(p) All percentages resulting from any calculation on the Class A-1b Notes shall be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.8765445% (or 0.098765445) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Class A-1b Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).
Determination of Compounded SOFR. So long as the Class A-1b Notes are Outstanding, the Note Paying Agent shall obtain Compounded SOFR in accordance with the definition of “Compounded SOFR” on each SOFR Adjustment Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator. Any Compounded SOFR obtained by the Note Paying Agent, in the absence of manifest error, will be conclusive and binding on the Noteholders.
Determination of Compounded SOFR. Effect of Benchmark Transition Event.
Determination of Compounded SOFR. If the Base Rate specified on the face hereof is “Compounded SOFR,” then the terms and provisions of this section “Determination of Compounded SOFR” will apply. The Calculation Agent will determine Compounded SOFR, the interest rate and accrued interest for each Interest Period in arrears as soon as reasonably practicable on or after the last day of the applicable Observation Period, and in any event on or prior to the Business Day immediately preceding the relevant Interest Payment Date, and will notify the Issuer of Compounded SOFR and such interest rate and accrued interest for each Interest Period as soon as reasonably practicable after such determination, but in any event by the Business Day immediately prior to the Interest Payment Date. Unless otherwise specified on the face hereof, the “Observation Period” in respect of each Interest Period for a Note will be the period from, and including, the date that is two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date that is two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period.
