Examples of SOFR Observation Period in a sentence
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 Index Average (“ SOFR Index Average”) is specified as applicable hereon, the SOFR Benchmark for each Periodic Distribution Period shall be equal to the compounded average of the SOFR reference rates for each day during the relevant SOFR Observation Period as calculated by the Calculation Agent as follows:( 𝑆𝑂𝐹𝑅 𝐼𝑛𝑑𝑒𝑥𝐸𝑛𝑑 − 1) × (360)𝑆𝑂𝐹𝑅 𝐼𝑛𝑑𝑒𝑥𝑆𝑡𝑎𝑟𝑡 𝑑𝑐with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with 0.000005 per cent.
An "eligible retirement plan" is an individual retirement account described in Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a) or a qualified Trust described in Code Section 401(a) that accepts the distributee's eligible rollover distribution.