immediately preceding the maturity date to, but excluding such maturity date. In the event of an optional redemption, the applicable Interest Period with respect to the Notes called for
redemption will run to, but excluding, the redemption date.
Compounded SOFR
The interest rate on the Notes for each Floating Rate Interest Period (the Floating Interest Rate) will be equal to Compounded SOFR
(as defined herein) plus a spread of 230.0 basis points. Compounded SOFR will be determined by the calculation agent in accordance with the following formula:
where:
d0, for any Observation Period, is the number of U.S. Government Securities
Business Days in the relevant Observation Period;
i is a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Observation
Period;
SOFRi, for any U.S. Government Securities Business Day
i in the relevant Observation Period, is equal to SOFR in respect of that day i;
ni, for any U.S. Government Securities Business Day i in the relevant Observation Period, is the number of calendar days from, and including, such U.S. Government Securities
Business Day i to, but excluding, the following U.S. Government Securities Business Day (i+1); and
d
is the number of calendar days in the relevant Observation Period.
For these calculations, the daily SOFR in effect on any U.S.
Government Securities Business Day will be the applicable SOFR as reset on that date.
For purposes of determining Compounded SOFR,
SOFR means, with respect to any U.S. Government Securities Business Day:
(1) the Secured Overnight Financing Rate published
for such U.S. Government Securities Business Day as such rate appears on the Federal Reserve Bank of New Yorks Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day (the SOFR
Determination Time); or
(2) if the rate specified in (1) above does not so appear, unless both a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the
Federal Reserve Bank of New Yorks Website.
Observation Period with respect of each Floating Rate Interest Period, the
period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such Floating Rate Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the interest payment
date for such Floating Rate Interest Period.
Reference Time with respect to any determination of the Benchmark means
(1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by us or the Designee (after consulting with us) in accordance with the Benchmark Replacement
Conforming Changes.
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