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
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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:
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SOFR Floating Rate means, with respect to an Interest Period, the rate determined by the Calculation Agent on the relevant SOFR Interest
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Examples of SOFR Floating Rate in a sentence

  • The Rate of Interest determined for any Interest Period by reference to SOFR Floating Rate shall be subject to a floor of zero to ensure that the Rate of Interest on any Interest Period is not negative.

  • 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.

  • In the case of a Global Note which specifies USD-SOFR as the Floating Rate Option in the Final Terms, the Rate of Interest will be the aggregate of the SOFR Floating Rate (as defined below) and the Margin specified in the Final Terms (if any) above or below the SOFR Floating Rate.

  • In the case of a Note which specifies USD-SOFR as the Floating Rate Option in the Final Terms, the Rate of Interest will be the aggregate of the SOFR Floating Rate (as defined below) and the Margin specified in the Final Terms (if any) above or below the SOFR Floating Rate.

  • If this is a floating rate interest bearing Note, interest shall be calculated on the Nominal Amount as follows: (a) in the case of a Note which specifies USD-SOFR as the Floating Rate Option on its face the Rate of Interest will be the aggregate of the SOFR Floating Rate and the Margin (if any) above or below the SOFR Floating Rate.

  • The Company shall use reasonable endeavours to appoint an Independent Adviser to determine the Benchmark Replacement (acting in good faith and in a commercially reasonable manner) for the purposes of all future determinations of the rate of dividends applicable to the Preference Shares during the SOFR Floating Rate Dividend Period (subject to the subsequent operation of these Benchmark Discontinuation Terms during any other future Dividend Period(s) during the SOFR Floating Rate Dividend Period).

  • Applicable manner in which the Rate(s) of Interest is/are to be determined: SOFR Floating Rate Determination.

  • SOFR Floating Rate Determination (General Note Condition 10(d)): Applicable.

  • 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.


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
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Related to SOFR Floating Rate

  • CB Floating Rate means the Prime Rate; provided that the CB Floating Rate shall never be less than the Adjusted One Month LIBOR Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day). Any change in the CB Floating Rate due to a change in the Prime Rate or the Adjusted One Month LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate or the Adjusted One Month LIBOR Rate, respectively.

  • LIBOR Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents.

  • Floating Rate means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) ABR Applicable Margin for such day, in each case changing when and as the Alternate Base Rate changes.

  • Floating Rate Interest Period means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date; provided that the first Floating Rate Interest Period will begin on (and include) April 18, 2025 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.

  • Floating Rate Period shall have the meaning set forth in Section 2.05(b) hereof.

  • SOFR Rate means the rate that will be calculated by the Calculation Agent for each Accrual Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

  • Mid-Swap Floating Leg Benchmark Rate means EURIBOR (if the Specified Currency is euro), LIBOR for the Specified Currency (if the Specified Currency is U.S. dollars, Pounds Sterling or Swiss Francs), CIBOR (if the Specified Currency is Danish Kroner), NIBOR (if the Specified Currency is Norwegian Kroner), STIBOR (if the Specified Currency is Swedish Kronor) or (in the case of any other Specified Currency) the benchmark rate most closely connected with such Specified Currency and selected by the Calculation Agent in its discretion after consultation with the Issuer;

  • Fixed Rate means, with respect to any Competitive Loan (other than a Eurodollar Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid.

  • Applicable Interest Rate means the rate of interest prescribed under the Act from time to time;

  • Floating Rate Calculation Date means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.

  • Class A-1 Interest Rate means 0.48000% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year).

  • Floating Interest Rate means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating Interest Rate exceed the Capped Interest Rate.

  • Floating Rate Option has the meaning given to it in the ISDA Definitions;

  • Quarterly Floating Rate Period means, for the initial Quarterly Floating Rate Period, the period commencing on March 20, 2020 and ending on and including June 19, 2020, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding the next succeeding Quarterly Commencement Date.

  • Weighted Average Advance Rate means, as of any date of determination with respect to all Eligible Collateral Loans included in the Aggregate Net Collateral Balance, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Eligible Collateral Loan by (ii) such Eligible Collateral Loan’s contribution to the Aggregate Net Collateral Balance and dividing (b) such sum by the Aggregate Net Collateral Balance.

  • Funding Rate means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 10.3 (Cost of funds).

  • Term SOFR Reference Rate means the forward-looking term rate based on SOFR.

  • Class A Interest Rate has the meaning assigned to such term in the Indenture.

  • Fixed Rate Interest Period means the period beginning on (and including) the Issue Date and ending on (but excluding) the first Fixed Rate Interest Payment Date, and each successive period beginning on (and including) a Fixed Rate Interest Payment Date and ending on (but excluding) the next succeeding Fixed Rate Interest Payment Date.

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-3 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).