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

• Upon determination of an Alternate Index, all amounts due and paid hereunder since the Renegotiation Date will be adjusted by the Parties retroactively to the Renegotiation Date, with interest at the Interest Rate, from the Renegotiation Date until the date of payment.

• If necessary, this process shall be repeated, with five additional alternate references to be included on each Party’s list each time the process is repeated, until the Alternate Index is determined.

• If either Party fails to provide a list of that Party's alternative published references within the time herein provided, such Party's list shall not be considered and the first alternate reference appearing in the other Party's list shall constitute the Alternate Index.

• From and after the date a Price Index ceased to be available (the "Renegotiation Date"), until the Alternate Index is determined, the Alternate Index shall be the arithmetic average of the Price Indices for which an Alternate Index is being sought which were in effect during the twelve Months immediately preceding the Month in which the Renegotiation Date occurred.

• If any Price Index ceases to be available in the future, the Parties agree to promptly and in good faith negotiate a mutually satisfactory alternate index for such Price Index (the "Alternate Index").

More Definitions of Alternate Index

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 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 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 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 SOFR Index and (b) the related Adjustment Factor; (ii) the sum of:

Alternate Index means an alternative published index selected by Buyer (in non-binding consultation with Seller) to be used in calculating the Pricing Rate, which such alternative index will be (a) then currently commonly used in making determinations of the interest rate as an alternative to LIBOR for sellers under similar repurchase agreements with Buyer and (b) publicly recognized by the International Swaps and Derivatives Association (or any successor organization) as an alternative to LIBOR, 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 date of this Agreement; provided, that in no event shall such Alternate Index be less than zero percent.

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