SOFR Rate

SOFR Rate. Shall mean, with respect to any date, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (of a successor administrator), on the Federal Reserve Bank of New York's Website.

SOFR Rate. The greater of (a) 0.0% and (b) the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor... has not been published by the Term SOFR Administrator, then the SOFR Rate will be the three-month Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day. View More