Base Rate Modifier definition
Base Rate Modifier. A modifier determined by the Collateral Manager applied to a reference rate to the extent necessary to cause such rate to be comparable to the Benchmark, which may include an addition to or subtraction from such unadjusted rate.
Base Rate Modifier. A modifier applied to a reference or base rate in order to cause such rate to be comparable to the three-month Term SOFR Rate, which modifier is recognized or acknowledged as being the industry standard by the LSTA or the ARRC and which modifier may include an addition or subtraction to such unadjusted rate. For the avoidance of doubt, to the extent the Base Rate Modifier does not exist, it will be zero for purposes of this definition.
Base Rate Modifier means a modifier applied to a reference or base rate in order to cause such rate to be comparable to one-month or three-month LIBOR, as applicable, which modifier is recognized or acknowledged as being the industry standard by the LSTA or the ARRC and which modifier may include an addition or subtraction to such unadjusted rate.
Examples of Base Rate Modifier in a sentence
If the Administrator designates an Alternative Index and the applicable Base Rate Modifier pursuant to clause (i) above, then the Administrator shall notify the Note Calculation Agent in writing that such designation has been made and will direct the Note Calculation Agent in writing to use such Alternative Index and applicable Base Rate Modifier.
The Note Calculation Agent will be entitled to conclusively rely upon without further investigation or inquiry and will be protected in relying upon (i) the Administrator’s or the Servicer’s determination that a LIBOR Termination Event or an Alternative Note Rate Trigger has occurred and (ii) the Administrator’s or the Servicer’s designation of an Alternative Index and applicable Base Rate Modifier.
The Administrator or the Servicer, as applicable, will also confirm that the Note Calculation Agent can reasonably apply the Base Rate Modifier.
The Note Calculation Agent will have no duty, obligation or responsibility for (i) monitoring for a LIBOR Termination Event or Alternative Note Rate Trigger or (ii) determining an Alternative Index, Alternative Rate or Base Rate Modifier.
More Definitions of Base Rate Modifier
Base Rate Modifier means a modifier applied to a reference or base rate in order to cause such rate to be comparable to six month LIBOR, which modifier is recognised or acknowledged as being the industry standard by the LMA and which modifier may include an addition or subtraction to such unadjusted rate; provided that if the LMA does not propose a modifier, the Base Rate Modifier shall be deemed to be zero.
Base Rate Modifier means a modifier applied to a reference or base rate in order to cause such rate to be comparable to three-month LIBOR, which modifier is recognized or acknowledged as being the industry standard by the LSTA or the ARRC and which modifier may include an addition or subtraction to such unadjusted rate.
Base Rate Modifier means any modifier selected by the Asset Manager that is recognized or acknowledged by the LSTA or ARRC (or, if no such modifier is recognized or acknowledged by the LSTA or ARRC, ISDA), as applicable, that is applied to a reference rate in order to cause such rate to be comparable to 3-month LIBOR, which may consist of an addition to or subtraction from such unadjusted rate.
Base Rate Modifier. A modifier applied to a reference or base rate in order to cause such rate to be comparable to three month LIBOR, that (i) with respect to a Designated Base Rate recognized or acknowledged by the LSTA, is equal to the corresponding modifier recognized or acknowledged by LSTA, (ii) with respect to a Designated Base Rate recognized or acknowledged by the ARRC, is equal to the corresponding modifier recognized or acknowledged by the ARRC, (iii) with respect to a Market Replacement Rate, corresponds to such Market Replacement Rate, as determined by the Collateral Manager in its reasonable discretion, or (iv) with respect to any other Alternative Base Rate, such modifier selected by the Collateral Manager and consented to by a Majority of the Controlling Class (but without the consent of any other Holders of the Secured Debt or Subordinated Securities), and, in each of the foregoing cases, which modifier may include an addition or subtraction to the unadjusted reference or base rate; provided that if no such modifier is capable of being determined (as determined by the Collateral Manager, in its sole discretion), the Base Rate Modifier shall be deemed to be zero; provided further that the Base Rate Modifier with respect to the Term SOFR Rate adopted on the Base Rate Amendment Date shall be 0.26161%.
Base Rate Modifier. A modifier selected by the Collateral Manager to be applied to a reference or base rate in order to cause such rate to be comparable to three month LIBOR, that:
Base Rate Modifier means a modifier applied to a reference or base rate in order to cause such rate to be comparable to three-month EURIBOR, which modifier is recognised or acknowledged as being the industry standard by the Loan Market Association, the Loan Syndication and Trading Association (or any successor organisations thereto) or the U.S. Federal Reserve Alternative Reference Rates Committee and which modifier may include an addition or subtraction to such unadjusted rate.
Base Rate Modifier. A modifier applied to a reference or base rate in order to cause such rate to be comparable to three month LIBOR, that (i) with respect to a Designated Base Rate recognized or acknowledged by the LSTA, is equal to the corresponding modifier recognized or acknowledged by LSTA, (ii) with respect to a Designated Base Rate recognized or acknowledged by the ARRC, is equal to the corresponding modifier recognized or acknowledged by the ARRC, (iii) with respect to a Market Replacement Rate that uses Market Replacement Rate (x), is consistent with the modifier used by at least 50% (by principal amount) of the Collateral Obligations for such quarterly floating rate assets, (iv) with respect to a Market Replacement Rate that uses Market Replacement Rate (y), is consistent with the modifier used by at least 50% (by principal amount) of the quarterly pay floating rate securities issued in the new-issue collateralized loan obligation market in the prior three months that bear interest based on a base rate other than LIBOR, or (v) with respect to any other Alternative Base Rate, such modifier selected by the Collateral Manager and consented to by a Majority of the Controlling Class, and, in each of the foregoing cases, which modifier may include an addition or subtraction to the unadjusted reference or base rate; provided that if no such modifier is capable of being determined (as determined by the Collateral Manager, in its sole discretion), the Base Rate Modifier shall be deemed to be zero. For the avoidance of doubt, if a court of competent jurisdiction is appointed to determine the Alternative Base Rate, references in this definition to the Collateral Manager shall be deemed to refer to such court and no consents of any Holders shall be required.