Benchmark Disruption Event definition

Benchmark Disruption Event means the occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain U.S. Dollars in the London interbank market to fund any Advance, (b) any Lender shall have notified the Administrative Agent of the inability, for any reason, of such Lender or any of its assignees or participants to determine the Adjusted Benchmark Rate, (c) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that the rate at which deposits of U.S. Dollars are being offered to such Lender or any of its assignees or participants in the London interbank market does not accurately reflect the cost to such Lender, such assignee or such participant of making, funding or maintaining any Advance, or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender or any of its assignees or participants to obtain U.S. Dollars in the London interbank market to make, fund or maintain any Advance; provided, however, that a Benchmark Disruption Event shall not cover or be triggered by a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date with respect to the LIBOR Rate or the then-current Benchmark.
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Benchmark Disruption Event means the occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to fund any Advance under the then-current Benchmark, (b) any Lender shall have notified the Administrative Agent of the inability, for any reason, of such Lender or any of its assignees or participants to determine the Adjusted Benchmark Rate, (c) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that the rate at which deposits of U.S. Dollars are being offered to such Lender or any of its assignees or participants does not accurately reflect the cost to such Lender, such assignee or such participant of making, funding or maintaining any Advance under the then-current Benchmark, or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender or any of its assignees or participants to obtain U.S. Dollars to make, fund or maintain any Advance under the then-current Benchmark; provided, however, that a Benchmark Disruption Event shall not cover or be triggered by a Benchmark Transition Event and its related Benchmark Replacement Date with respect to the then-current Benchmark.
Sample 1Sample 2
Benchmark Disruption Event means the occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain U.S. Dollars in the London interbank market to fund any Advance under the then-current Benchmark, (b) any Lender shall have notified the Administrative Agent of the inability, for any reason, of such Lender or any of its assignees or participants to determine the Adjusted Benchmark Rate, (c) any Lender shall have notified the Administrative Agent of a determination by such Lender or any of its assignees or participants that the rate at which deposits of U.S. Dollars are being offered to such Lender or any of its assignees or participants in the London interbank market does not accurately reflect the cost to such Lender, such assignee or such participant of making, funding or maintaining any Advance under the then-current Benchmark, or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender or any of its assignees or participants to obtain U.S. Dollars in the London interbank market to make, fund or maintain any Advance under the then-current Benchmark; provided, however, that a Benchmark Disruption Event shall not cover or be triggered by a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date with respect to the LIBOR Rate or the then-current Benchmark.
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Examples of Benchmark Disruption Event in a sentence

  • For the avoidance of doubt, none of the Bond Trustee, the Calculation Agent or the Paying Agents shall have any responsibility or liability for making such determination and shall have no obligation to monitor whether any Benchmark Disruption Event has occurred.

  • Notwithstanding the provisions above in this Condition 5, if the Issuer determines that a Benchmark Disruption Event has occurred in relation to the Reset Reference Rate, then the following provisions will apply.

  • Following a Benchmark Disruption Event, the Board of Directors may decide to substitute any Benchmark used by a Sub-Fund within the meaning of the Benchmarks Regulation with any other Benchmark reasonably considered by the Board of Directors as measuring substantially the same economic reality.

  • The board of directors of the Fund, in consultation with the Management Company, may determine that a Benchmark Disruption Event in relation to a Benchmark used by a Sub-Fund necessitate changes to such Sub-Fund’s performance fee calculation method.

  • The Board of Directors will set-up a process to regularly monitor the occurrence of any Benchmark Disruption Event and in particular will set criteria to assess whether a material change has occurred in relation to a Benchmark.

  • As soon as practicable following the determination that a Benchmark Disruption Event has occurred, the Board of Directors will decide which actions need to be taken in accordance with section 3.

  • For each Benchmark used by a Sub-Fund, this monitoring process will include, in particular: - regular checks of the website on which the Benchmark’s administrator is publishing information related to the Benchmark, aligned with the frequency of redemptions and subscriptions in the relevant Sub-Fund; and - where reasonably practicable, ensuring that the Benchmark’s administrator is contractually required to provide any relevant update in relation to a possible Benchmark Disruption Event.

  • As soon as practicable following the determination that a Benchmark Disruption Event has occurred, the board of directors of the Fund will decide which actions need to be taken in accordance with section 3.

  • A process will be set-up to regularly monitor the occurrence of any Benchmark Disruption Event.

Related to Benchmark Disruption Event

  • Disruption Event means either or both of:

  • Market Disruption Event means, for the purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock.

  • VWAP Market Disruption Event means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date.

  • Benchmark Transition Event means the occurrence of one or more of the following events with respect to the then-current Benchmark:

  • €STR Index Cessation Event means the occurrence of one or more of the following events, as determined by the Issuer and notified by the Issuer to the Calculation Agent:

  • ECB Recommended Rate Index Cessation Event means the occurrence of one or more of the following events:

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.