USD SOFR ICE Swap Rate definition

USD SOFR ICE Swap Rate means the rate for SOFR-linked interest rate swaps with the tenor listed in Attachment A that appears on the source page specified in Attachment A and as published by ICE Benchmark Administration Limited (including any successor administrator, “ICE” or the “Administrator”) on its website at the Fixing Time, on the ICE Swap Determination Date, as determined by the Calculation Agent.

USD SOFR ICE Swap Rate means the swap rate for a fixed-for-floating U.S. Dollar swap transaction where the floating leg references the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (or any successor administrator) (SOFR), as administered by ICE Benchmark Administration Limited (or a successor administrator).

USD SOFR ICE Swap Rate means, on any Reset Determination Date, the USD SOFR ICE Swap Rate® (or any successor label for such rate applied by IBA) published by IBA that represents the annual mid rate as of the Relevant Time on such Reset Determination Date for USD swap transactions with a term of five years and a floating leg based on SOFR compounded in arrear for 12 months.

Examples of USD SOFR ICE Swap Rate 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.

• 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 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.

• It is expected that IBA will also produce a USD SOFR ICE Swap Rate in due course, although the timing is uncertain.

• Accordingly, the new fallback provisions are triggered upon the ICE Swap Rate benchmarks becoming unavailable once LIBOR in the relevant currency and tenor had permanently ceased or become unrepresentative.o The new fallback rate is effectively the relevant USD SOFR ICE Swap Rate as adjusted to account for the inherent differences between it and the corresponding USD LIBOR ICE Swap Rate.

• Broadly, the formula for this fallback rate consists of using the USD SOFR ICE Swap Rate (“SOFR ISR”), adding the ISDA fallback spread adjustment and applying technical adjustments to account for differences in payment frequency and day count conventions between USD LIBOR swaps and SOFR swaps.

• USD SOFR ICE Swap Rate is administered by ICE Benchmark Administration Limited, who as at the Issue Date, does not appear on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority pursuant to Article 36 of the Benchmarks (Regulation (EU) 2016/2011) (the “EU Benchmarks Regulation”).

• 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 the USD SOFR ICE Swap Rate notes.

• USD SOFR ICE Swap Rate With respect to any Valuation Date, the USD SOFR ICE Swap Rate for SOFR-linked interest rate swaps with the Designated Maturity specified in the relevant Pricing Supplement that appears on the source page specified in the Pricing Supplement and as published by ICE Benchmark Administration Limited (including any successor administrator, “ICE” or the “Administrator”) on its website at the Fixing Time on such Valuation Date, as determined by the Calculation Agent.

More Definitions of USD SOFR ICE Swap Rate

USD SOFR ICE Swap Rate means the benchmark for the mid-price for the fixed leg of a fixed-for- floating U.S. Dollar swap transaction where the floating leg references the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (or any successor administrator) (SOFR) and both the fixed leg and floating leg are paid annually, as provided by IBA as the administrator of the benchmark (or a successor administrator).

USD SOFR ICE Swap Rate means the benchmark for the mid-price for the

USD SOFR ICE Swap Rate means the benchmark for the mid-price for the fixed leg of a fixed-for-floating U.S. Dollar swap transaction where the floating leg references the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (or any successor administrator) (SOFR) and both the fixed leg and floating leg are paid annually, as provided by ICE Benchmark Administration Limited as the administrator of the benchmark (or a successor administrator) as published on the Relevant Screen Page as of the Relevant Time on the Interest Determination Date.1.2 Rate Disruption Unless a Benchmark Cessation Event (as defined below) has occurred, in which case section 2 (Benchmark Cessation Event) below shall apply, if the Reference Rate is not (i) published by the administrator of such Reference Rate or an authorised distributor or (ii) otherwise provided by the administrator of such Reference Rate on any Interest Determination Date, then the Reference Rate shall be determined by the Determination Agent as the Reference Rate published with respect to the first Business Day preceding such Interest Determination Date for which the Reference Rate was published by or on behalf of the administrator of the Reference Rate. If the Determination Agent determines that it is unable to determine the Reference Rate in accordance with the preceding sentence, the Reference Rate in respect of the relevant Interest Determination Date shall be such other rate as determined by the Determination Agent, taking into account (i) any source(s) that as it considers appropriate, (ii) any alternative benchmark(s) then available, and (iii) prevailing industry standards in any related market (including, without limitation, the derivatives market). 1.3 Corrections to Published and Displayed Rates In the event that the Reference Rate determined in accordance with section 1.1 above is subsequently corrected, and the correction (the "Corrected Rate") is published after the original publication but no later than the longer of (i) one hour after such original publication and (ii) any other period for corrections specified by a relevant administrator in its methodology for the relevant Reference Rate, then provided that such Corrected Rate is published on or prior to the date falling two Business Days prior to the date on which a related payment is scheduled to be made under the Securities (the "Relevant Scheduled Payment Date"), then such Corrected Rate shall be deemed to be the relevant Reference Rate ...

USD SOFR ICE Swap Rate means the swap rate for a fixed-for-floating U.S. Dollar swap transaction where the floating leg references the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (or any successor administrator) (SOFR), as provided by ICE Benchmark Administration Limited as the administrator of the benchmark (or a successor administrator). For a description of SOFR, please see paragraph 2 “Information on Secured Overnight Financing Rate” below.

USD SOFR ICE Swap Rate means the benchmark for the mid-price for the fixed leg of a fixed-for-floating U.S. dollar swap transaction where the floating leg references the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (or any successor administrator) (SOFR) and both the fixed leg and floating leg are paid annually, as provided by ICE Benchmark Administration Limited as the administrator of the benchmark (or a successor administrator). If no rate is published for the applicable designated maturity on an Observation Business Day, the Calculation Agent will determine USD SOFR ICE Swap Rate on such day in a commercially reasonable manner.