Examples of USD SOFR in a sentence
Whenever the Calculation Agent is required to act, make a determination or exercise judgement pursuant to a replacement of the USD SOFR ICE Swap Rate by either the Alternative Post-Nominated Index rate or the Calculation Agent Nominated Replacement Index rate, it shall do so by reference to Relevant Market Data available at, or a reasonable period of time prior to, the time of notification.
The Calculation Agent shall notify the Issuer of any determination it makes pursuant to the replacement of the USD SOFR ICE Swap Rate by either the Alternative Post-Nominated Index rate or the Calculation Agent Nominated Replacement Index rate as soon as reasonably practicable after either of these replacement rates first apply and, in any event, at least two Business Days before the Cut-off Date.
If an Index Cessation Event or an Administrator/Benchmark Event occurs with respect to the USD SOFR ICE Swap Rate, then, from and including the Index Cessation Effective Date or the Administrator/Benchmark Event Date, as applicable, the Alternative Post-Nominated Index rate will apply to Notes.
In that event, the fallback provisions below for the USD SOFR ICE Swap Rate will apply to the USD SOFR Spread-Adjusted ICE Swap Rate.
If ICE does so publish this rate, then the Successor CMS Rate will be determined by reference to the published USD SOFR Spread-Adjusted ICE Swap Rate, and the references to the source pages specified in Attachment A will be disregarded.
This commenter also requested that the Commission clarify whether the Commission intends its USD SOFR OIS clearing requirement to apply retroactively to existing USD SOFR OIS that were executed before implementation but not voluntarily cleared.
It is expected that IBA will also produce a USD SOFR ICE Swap Rate in due course, although the timing is uncertain.
ACLI stated that the Commission and other regulators have offered significant relief to smooth the transition from USD LIBOR to USD SOFR, and that postponing implementation of the USD SOFR OIS clearing requirement would be consistent with that approach.
In ISDA’s view, this date would serve two purposes: (1) harmonizing with Bank of England’s proposed implementation date for its USD SOFR OIS clearing requirement; and (2) avoiding unnecessary strain on market participants’ resources and operational capabilities.
On 14 December 2020, IBA launched the GBP SONIA ICE Swap Rate.• USD LIBOR (and USD SOFR swap rate): As described above, certain USD LIBOR tenors are still being published but their use in new financial contracts is widely restricted.