Calculation Agent Benchmark Determination Sample Clauses

Calculation Agent Benchmark Determination. (a) The Issuer agrees that for so long as there is an Outstanding Amount of the Floating Rate Notes and the Benchmark is 30-Day Average SOFR, there shall be an agent appointed to obtain the 30-Day Average SOFR for each Interest Period (the “Calculation Agent”). The Issuer appoints the Indenture Trustee as Calculation Agent for the purposes of (i) obtaining 30-Day Average SOFR from the FRBNY Website, as indicated herein, for each Interest Period, and (ii) providing the same to the Administrator to calculate the interest rate for the Floating Rate Notes as described herein; and the Indenture Trustee hereby accepts such appointment. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer shall promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign without a replacement having been duly appointed. The Calculation Agent will obtain 30-Day Average SOFR for each Interest Period by referring to the applicable published source and will provide the same to the Administrator to calculate the interest rate on the Floating Rate Notes. (b) The interest rate for the Floating Rate Notes will vary with the related Benchmark, which initially will be 30-Day Average SOFR. The Calculation Agent will obtain 30-Day Average SOFR and the Administrator will calculate the Interest Rate for the Class A-2b Notes using the method described herein. If the Benchmark is 30-Day Average SOFR, on each Benchmark Determination Date, the Calculation Agent shall notify the Servicer, the Administrator, the Indenture Trustee and the Issuer of the Benchmark for the related Interest Period by email on the Business Day following the date the rate is obtained. If the Benchmark is any rate other than 30-Day Average SOFR, on each Benchmark Determination Date, the Administrator shall notify the Servicer, the Issuer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Administrator, as applicable, and all calculations of interest on the Floating Rate Notes by the Administrator, in the absence of manifest error, shall be conclusive and binding on the Noteholders for all purposes. If a published 30-Day Average SOFR rate is unavailable on a Benchmark Determination Date while the Benchmark is 30-Day Average SOFR, then the 30-Day Average SOFR rate will be 30-...
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Calculation Agent Benchmark Determination. (a) The Issuer agrees that for so long as the Class A-2-B Notes are Outstanding and the Benchmark is LIBOR, there will be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer appoints the Trust Collateral Agent as Calculation Agent only for the purposes of determining LIBOR for each Interest Period and the Trust Collateral Agent hereby accepts such appointment. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank engaged in transactions in Eurodollar deposits in the international Eurodollar market and not an Affiliate of the Issuer or its Affiliates. The Calculation Agent may not resign without a replacement having been duly appointed.
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Calculation Agent Benchmark Determination 
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Related to Calculation Agent Benchmark Determination

  • Interest Rate Determination (a) To the extent required hereunder, each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Rate. If fewer than two Reference Banks furnish such timely information to the Administrative Agent for the purpose of determining any such rate, the Administrative Agent shall determine such interest rate on the basis of timely information furnished by the remaining Reference Bank. (b) The Administrative Agent shall give prompt notice to the applicable Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.09(a) or (b), and, if applicable, the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under Section 2.09(b). (c) If, with respect to any Eurodollar Rate Advances, (i) the Required Lenders notify the Administrative Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Required Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Interest Period, or (ii) the Reference Banks notify the Administrative Agent that adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of Eurodollar Rate, the Administrative Agent shall forthwith so notify the Borrowers and the Lenders, whereupon (A) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (B) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the Borrowers and the Lenders that the circumstances causing such suspension no longer exist. (d) If the applicable Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify such Borrower and the Lenders and such Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances. (e) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $10,000,000, such Advances shall automatically Convert into Base Rate Advances. (f) Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended.

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