Examples of Base Rate Modification in a sentence
Where there is no applicable Clearing System, Covered Bondholders may object in writing to a Base Rate Modification by notifying the Issuer or the Issuing and Paying Agent but any such objection in writing must be accompanied by evidence to the Bond Trustee’s satisfaction (having regard to prevailing market practices) of the relevant Covered Bondholder’s holding of the Covered Bonds.
In relation to any such Proposed Amendments, the Issuer is required, amongst other things, to certify in writing to the Note Trustee and the Security Trustee that the Issuer has provided at least 30 calendar days' notice (and where the Proposed Amendment is a Base Rate Modification, 40 calendar days' notice) to the Noteholders of each Class of the proposed modification in accordance with Condition 16 (Notice to Noteholders).
Investors should note the various circumstances under which a Base Rate Modification may be made which are specified in sub-paragraphs (1) to (9) of Condition 15(a)(iv) (Base Rate Modification).
The Issuer shall use reasonable endeavours to agree modifications to each hedging agreement where commercially appropriate so that the transaction is hedged following the Base Rate Modification to a similar extent as prior to the Base Rate Modification, and that such modifications shall take effect within 30 calendar days following the Base Rate Modification taking effect.
An amendment may be made under Condition 15 (Base Rate Modification) to change the SONIA rate on the Notes to an alternative base rate (including a base rate that remains linked to SONIA but calculated in a different manner) under certain circumstances and subject to certain conditions including no objection to the proposal being received by at least 10 per cent.
These events broadly relate to SONIA's disruption or discontinuation, but also include, inter alia, any public statements by the SONIA administrator or its supervisor to that effect, and a Base Rate Modification may also be made if PML as Administrator reasonably expects any of these events to occur within six months of the proposed effective date of such Base Rate Modification.
Should a Base Rate Modification take effect, this could negatively affect the yield and the market value of the Class A Notes.
This, in turn, could cause a risk of mismatch of interest and reduced payments on the Floating Rate Notes.Investors should note the various circumstances under which a Base Rate Modification may be made, which are specified in Condition 13.6 (Additional Right of Modification).
Base Rate Modification and Swap Rate Modification) of the Terms and Conditions of the Notes to change the base rate on the Notes from EURIBOR to an alternative base rate under certain circumstances broadly related to EURIBOR dysfunction or discontinuation and subject to certain conditions being satisfied including no objection to the proposal being received by at least 10 per cent.
Schedule Rating - Base Rate Modification Plan The following modification may be applied to each Device Class rate in order to reflect such characteristicsof the manufacturer risk group which are not otherwise reflected in the premium rate calculation in items 1 and 2 above.