Interest Determination Date means the date two U.S. Government Securities
Business Days before each Interest Payment Date (or in the final Interest Period, before the Maturity Date, or in the case of the redemption of any Notes, before the applicable redemption date).
The term Interest Period means (i) the period from and including any Interest Payment Date (or, with respect to the initial
Interest Period only, from and including the Original Issue Date) to, but excluding, the next succeeding Interest Payment Date; (ii) in the case of the last such period, from and including the Interest Payment Date immediately preceding the
Maturity Date to, but excluding, the Maturity Date; or (iii) in the event of any redemption of any Notes, from and including the Interest Payment Date immediately preceding the applicable redemption date to, but excluding, such redemption date.
The Trustee and Paying Agent shall have no responsibility or liability for calculations made by the Calculation Agent and shall be
entitled to conclusively rely on the accuracy of such calculations.
Information about the Secured Overnight Financing Rate and the
SOFR Index.
SOFR is published by the Federal Reserve Bank of New York and is intended to be a broad measure of the cost of
borrowing cash overnight collateralized by U.S. Treasury securities.
The SOFR Index is published by the Federal Reserve Bank of New York
and measures the cumulative impact of compounding SOFR on a unit of investment over time, with the initial value set to 1.00000000 on April 2, 2018, the first value date of SOFR. The SOFR Index value reflects the effect of compounding SOFR each
business day and allows the calculation of compounded SOFR averages over custom time periods.
The Federal Reserve Bank of New York notes
on its publication page for the SOFR Index that use of the SOFR Index is subject to important limitations, indemnification obligations and disclaimers, including that the Federal Reserve Bank of New York may alter the methods of calculation,
publication schedule, rate revision practices or availability of the SOFR Index at any time without notice. The interest rate for any Interest Period will not be adjusted for any modifications or amendments to the SOFR Index or SOFR data that the
Federal Reserve Bank of New York may publish after the interest rate for that Interest Period has been determined.
Compounded SOFR
Compounded
SOFR with respect to any Interest Period 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):
where:
SOFR IndexStart is the SOFR Index value for the day which is two U.S.
Government Securities Business Days preceding the first date of the relevant Interest Period;
SOFR IndexEnd is the SOFR Index value for the day which is two U.S. Government Securities Business Days preceding the Interest Payment Date relating to such Interest Period (or, in the final Interest
Period, preceding the Maturity Date, or, in the case of the redemption of any Notes, preceding the applicable redemption date); and
dc is the number of calendar days in the relevant Observation Period.
For purposes of determining Compounded SOFR,
Observation Period means, in respect of each Interest Period, the period from and including the date two U.S. Government
Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period (or in the final Interest Period,
preceding the Maturity Date, or in the case of the redemption of any Notes, preceding the applicable redemption date).
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