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 means, an amount that is necessary or appropriate to be added or subtracted to the interest rate determined using the Alternative Index to make it comparable to US dollar one-month LIBOR or one-year LIBOR, as applicable, as determined by the Administrator or the Servicer. In determining the Base Rate Modifier, the Administrator or the Servicer, as applicable, may, but is not required to, take into account recommendations of the Relevant Government Sponsor or of ISDA, as well as customary market practices.
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.
Examples of Base Rate Modifier in a sentence
For the avoidance of doubt, to the extent the Base Rate Modifier does not exist it shall be zero for the purposes of this definition.
For the avoidance of doubt, to the extent the Base Rate Modifier does not exist it will be zero for the purposes of this definition.
The reference or base rate proposed, recognized or acknowledged as being an industry standard for leveraged loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by the LSTA or the ARRC, in each case, including any successor organization(s), as applicable, which shall include a Base Rate Modifier (if any).
For the avoidance of doubt, to the extent the Base Rate Modifier does not exist it will be zero for purposes of this definition.
For the avoidance of doubt, to the extent the Base Rate Modifier does not exist, it will be zero for purposes of this definition.
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 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. A modifier applied to a reference or base rate in order to cause such rate to be comparable to the three-month Term SOFR, 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 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 determined by the Collateral Manager applied to a reference rate to the extent necessary to cause such rate to be comparable to three-month Libor, 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 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 means a modifier recognized or acknowledged by the LSTA or the ARRC, other than the Benchmark Replacement Rate Adjustment, applied to a reference rateto the extent necessary to cause such rate to be comparable to three-month LIBOR, 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 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.