Alternate Index definition

Alternate Index means a published floating rate index (a) that is commonly accepted by market participants in CMBS loans as an alternative to LIBOR and (b) that is publicly recognized by ISDA as an alternative to LIBOR.

Alternate Index means the per annum rate determined as follows. On the LIBOR Determination Date, the Trustee will request the principal London office of each of three major banks, determined by the Trustee, that are engaged in transactions in the London interbank market, to provide the Trustee with its offered quotation for United States dollar deposits in an amount equal to or greater than $1,000,000 for one month to prime banks in the London interbank market as of 11:00 a.m., London, England time, on the LIBOR Determination Date. If at least two of such banks provide the Trustee with such offered quotations, the “Alternate Index” will be the arithmetic mean (rounded, if necessary, to the nearest one-sixteenth of a percent, with a one thirty-second being rounded upwards) of all such quotations. If, on such date, fewer than two of such banks provide the Trustee with such an offered quotation, the “Alternate Index” will be the arithmetic mean (rounded, if necessary, to the nearest one-sixteenth of a percent, with a one thirty-second being rounded upwards) of the offered rates which three major banks in New York City are quoting as of 11:00 a.m., New York City time, on the LIBOR Determination Date to leading European banks for United States dollar deposits in an amount equal to or greater than $1,000,000 of one month. Notwithstanding the foregoing, if the Alternate Index on any LIBOR Determination Date is less than zero, the Alternate Index on such LIBOR Determination Date shall be deemed zero for purposes of this Supplemental Resolution.

Alternate Index is defined in Section 4.2.

Examples of Alternate Index in a sentence

• If, on or before 30 Days after the index used to determine the price hereunder ceases to be published, the Parties are unable to agree on an Alternate Index upon which to base the calculation of the price, the Parties shall submit such determination to arbitration in accordance with the provisions of Article 20, which arbitration procedure will determine the Alternate Index.

• Any payments hereunder that are delayed pending the determination of an Alternate Index shall bear interest at the Base Rate from the date that such payment would have been due without such delay until the date of payment.

• Lender shall provide notice of (x) prior to a Securitization, the Alternate Index Determination and (y) following a Securitization and upon satisfaction of the Alternate Rate Conditions, that the Alternate Rate Conditions have been satisfied, in each case by giving notice of such determination in writing to Borrower at least five (5) Business Days prior to the next succeeding Determination Date.

• Lender shall provide Borrower with written notice following the making of an Alternate Index Determination and, if a Securitization has occurred, shall promptly request the Rating Agency Confirmation described in clause (2) immediately above in the manner prescribed by the servicing agreement with respect to the Loan.

• Such adjustments shall be based upon the CPI (or if that index is discontinued during the Term, the Alternate Index).

More Definitions of Alternate Index

Alternate Index means a floating rate index (a) that is commonly accepted by market participants in commercial real estate loans as an alternative to LIBOR, as determined by Lender in its sole but good faith discretion, (b) that is publicly recognized by the International Swaps and Derivatives Association (“ISDA”) or any successor organization, as an alternative to LIBOR and (c) for which ISDA has approved an amendment to hedge agreements, generally providing such floating rate index as a standard alternative to LIBOR.

Alternate Index means an alternate, substitute or successor index to the then-current Index selected by Xxxxxx taking into consideration any alternate, substitute or successor index to the then-current Index that has been selected, endorsed or recommended by the commercial real estate finance industry or ISDA.

Alternate Index means the first alternative set forth in the following order that can be determined by Freddie Mac as of the related Alternate Index Replacement Date: (i) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Index and (b) the related Adjustment Factor; (ii) the sum of:

Alternate Index means a published index that Agent determines, in its commercially reasonable discretion, is then-currently used in making determinations of the interest rate for variable rate commercial mortgage loans, which the parties hereto acknowledge and agree may be an index that does not yet exist and/or is not commonly being used as of the Closing Date.

Alternate Index means the floating rate index selected by Buyer that Buyer intends to use as an alternative to LIBOR for Seller and all similarly situated counterparties in commercial real estate repurchase facilities; provided that in no event shall Buyer be required to disclose confidential information concerning other customers.

Alternate Index means an Alternate Index determined in accordance with the procedures set forth in Section 6.5.

Alternate Index means an alternate, substitute, or successor index to the then-current Index selected by Xxxxxx, whether the LIBOR Index or a prior Alternate Index.