SOFR Floating Rate definition

SOFR Floating Rate means, with respect to an Interest Period, the rate determined by the Calculation Agent on the relevant SOFR Interest Determination Date by applying the formula set out in the specified Overnight Rate Compounding Method or Overnight Rate Averaging Method, as applicable, where the Underlying Benchmark is SOFR, and the resulting percentage is rounded, if necessary, in accordance with the 2021 ISDA Definitions, but to the nearest percentage point specified for USD-SOFR in the Compounding/Averaging Matrix; and

SOFR Floating Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment (with the Secured Overnight Financing Rate as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the 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: where:

SOFR Floating Rate means, with respect to an Interest Period, the rate determined by the Calculation Agent on the relevant SOFR Interest

Examples of SOFR Floating Rate in a sentence

• Where SONIA Floating Rate Determination (Non-Index Determination) or SOFR Floating Rate Determination is specified in the applicable Pricing Supplement asthe manner in which theRate of Interest or Floating Rate Coupon (as applicable) is to be determined and, in respect of SOFR Floating Rate Determination, Index Determination is specified to be not applicable in the applicable Pricing Supplement, either "Shift" or "Lag" will be specified as applicable.

• Where SONIA Floating Rate Determination (Non-Index Determination) or SOFR Floating Rate Determination is specified in the applicable Pricing Supplement as the manner in which the Rate of Interest or Floating Rate Coupon (as applicable) is to be determined and, in respect of SOFR Floating Rate Determination, Index Determination is specified to be not applicable in the applicable Pricing Supplement, either "Shift" or "Lag" will be specified as applicable.

• Margin(s) (forthe Screen Rate (if Screen Rate Determination applies), the Reference Rate (if USD LIBORScreen Rate Determination applies), the ISDA Rate (if ISDA Rate Determination applies), the SONIA Floating Rate (if SONIA Floating Rate Determination (Non-Index Determination) applies), the SONIA Index Floating Rate (if SONIA Floating Rate Determination (Index Determination) applies) or the SOFR Floating Rate or SOFR Index Floating Rate (if SOFR Floating Rate Determination applies)):+ 0.5 per cent.

• Preliminary Pricing Supplement$ Subject to Completion Dated May 10, 2022Collared SOFR Floating Rate Notes, Due May 19, 2025To the Product Prospectus Supplement FIN-1 Dated September 14, 2021, and the Prospectus and Prospectus Supplement, each dated September 14, 2021Royal Bank of Canada Royal Bank of Canada is offering the Collared SOFR Floating Rate Notes (the “Notes”) described in this document.

• SOFR Floating Rate Notes Royal Bank of CanadaSUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)Delivery of the Notes will be made against payment for the Notes on December 29, 2021, which is the third business day following the Pricing Date (this settlement cycle being referred to as “T+3”).

More Definitions of SOFR Floating Rate

SOFR Floating Rate means, with respect to an Interest Period, the rate determined by the Calculation Agent on the relevant SOFR Interest Determination Date by applying the formula set out in the specified Overnight Rate Compounding Method or Overnight Rate Averaging Method, as applicable, where the Underlying Benchmark is SOFR, and the resulting