Alternative Term Rate Sample Clauses
The Alternative Term Rate clause defines a substitute interest rate to be used if the original benchmark rate referenced in a contract becomes unavailable or is discontinued. Typically, this clause outlines the process for selecting the alternative rate, such as referencing a pre-agreed fallback rate or a rate determined by a designated party, and may specify any necessary adjustments to maintain economic equivalence. Its core function is to ensure continuity and certainty in financial agreements by providing a clear mechanism for interest rate calculation when the standard reference rate cannot be used.
Alternative Term Rate. If paragraph (a) above applies but it is not possible to calculate the Interpolated Primary Term Rate, the applicable Term Reference Rate shall be the aggregate of:
(i) the Alternative Term Rate as of the Quotation Time for a period equal in length to the Interest Period of that Loan; and
(ii) any applicable Alternative Term Rate Adjustment.
Alternative Term Rate. If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic Primary Term Rate, the Interest Period of that Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and the applicable Revolving Loan Term Rate shall be the aggregate of:
(i) the Alternative Term Rate as of the Quotation Time for a period equal in length to the Interest Period of that Loan; and
(ii) any applicable Alternative Term Rate CAS.
Alternative Term Rate. The Term SOFR reference rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by ICE Benchmark Administration Limited (or any other person which takes over the publication of that rate).