Examples of SOFR Benchmark in a sentence
Furthermore, the composition and characteristics of the Successor Rate, Alternative Rate, Benchmark Replacement or SOFR Benchmark Replacement (as applicable) may not be the same as those of the Original Reference Rate.
If SOFR Arithmetic Mean (“ SOFR Arithmetic Mean”) is specified as applicable hereon, the SOFR Benchmark for each Interest Accrual Period shall be the arithmetic mean of the SOFR rates for each day during the period, as calculated by the Calculation Agent, where, if applicable (as specified hereon), the SOFR rate on the SOFR Rate Cut-Off Date shall be used for the days in the period from (and including) the SOFR Rate Cut-Off Date to (but excluding) the Interest Period Date.
If SOFR Compound (“ SOFR Compound”) is specified as applicable hereon, the SOFR Benchmark for each Interest Accrual Period shall be equal to the value of the SOFR rates for each day during the relevant Interest Accrual Period (where SOFR Compound with Lookback or SOFR Compound with Payment Delay is specified hereon to determine SOFR Compound) or SOFR Observation Period (where SOFR Compound with SOFR Observation Period Shift is specified hereon to determine SOFR Compound).
If SOFR Arithmetic Mean (“SOFR Arithmetic Mean”) is specified as applicable in the relevant terms, the SOFR Benchmark for each Interest Period shall be the arithmetic mean of the SOFR rates for each day during the period, as calculated by the Calculation Agent, where, if applicable (as specified in the relevant terms), the SOFR rate on the SOFR Rate Cut-Off Date shall be used for the days in the period from (and including) the SOFR Rate Cut-Off Date to (but excluding) the Interest Period End Date.
If the Final Terms specifies the Interest Rate applicable to the Notes is, or is to be determined by reference to, the Secured Overnight Financing Rate (“SOFR”), then the Interest Rate for each Interest Period will, subject to Condition 9E.2 ( Benchmark Fallback Provisions (SOFR)) and as provided below, be equal to the relevant SOFR Benchmark plus the Relevant Margin.