Determination of the Benchmark. The Benchmark shall be determined by Citibank, N.A., London Branch as calculation agent (the Calculation Agent). The Benchmark means, initially, Compounded SOFR; provided that if a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. Compounded SOFR means, in relation to a floating rate interest period, the rate computed by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded if necessary to the nearest seventh decimal place, with 0.00000005 being rounded upwards):
Appears in 5 contracts
Samples: Agency Agreement, Agency Agreement, Agency Agreement
