Compounded SOFR Sample Clauses
The 'Compounded SOFR' clause defines how interest is calculated using the Secured Overnight Financing Rate (SOFR) compounded over a specified period. In practice, this means that instead of applying a simple interest rate, the daily SOFR rates are aggregated and compounded to determine the total interest due for each interest period. This approach is commonly used in loan and derivative agreements to reflect more accurate and market-aligned interest costs. The core function of this clause is to ensure that interest calculations are transparent, consistent, and based on a widely accepted benchmark, thereby reducing ambiguity and aligning the agreement with current market standards.
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Compounded SOFR. A compounded average of daily Secured Overnight Financing Rate (“SOFR”) determined by reference to the SOFR Index (as defined in the prospectus supplement relating to the Floating Rate Notes) for each quarterly interest period in accordance with the specific formula described under “Description of the Notes—Interest—Floating Rate Notes—Compounded SOFR” in the prospectus supplement. Margin: +40 basis points (the “Margin”) Floating Rate Interest Payment Dates: March 14, June 14, September 14 and December 14 of each year, commencing on March 14, 2021, and at maturity (each, a “Floating Rate Interest Payment Date”).
Compounded SOFR the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
Compounded SOFR. With respect to any Interest Period during the Floating Rate Period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.00000005, or 0.000005%, being rounded upwards): where:
Compounded SOFR. Accrued interest on the Notes during the Floating Rate Period will be calculated by multiplying the principal amount of such notes by an accrued interest factor. This accrued interest factor will be computed by adding the interest factors calculated for each day in the Interest Period for which interest is being paid. The interest factor for each day is computed by dividing the interest rate applicable to that day by 360. The interest rate applicable to a given day during the Floating Rate Period is the sum of the Compounded SOFR plus the Spread.
Compounded SOFR. Accrued interest on the Notes during the Floating Rate Period will be calculated by multiplying the principal amount of such notes by an accrued interest factor. This accrued interest factor will be computed by adding the interest factors calculated for each day in the Interest Period for which interest is being paid. The interest factor for each day is computed by dividing the interest rate applicable to that day by 360. The interest rate applicable to a given day during the Floating Rate Period is the sum of the Compounded SOFR plus the Spread. The “Compounded SOFR” will be computed as follows: “d0”, for any Interest Period, is the number of U.S. Government Securities Business Days in the relevant Interest Period.
Compounded SOFR. (2) the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; (3) the sum of: (a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment; and (4) the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment. In the event the Calculation Agent at the Reference Time is required, but is unable, to determine the Benchmark in accordance with at least one of the procedures described above, the Benchmark will be the Benchmark as determined on the previous Reference Time. “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: