Benchmark Fallback Event definition

Benchmark Fallback Event means, as determined by the Calculation Agent, (i) a Benchmark (or the publication thereof) is permanently discontinued, (ii) the definition of, or the methodology or formula for the determination of a Benchmark, or other means of calculating a Benchmark, is materially changed or is reasonably likely to be changed, (iii) any authorisation, registration, recognition, endorsement, equivalence or approval in respect of a Benchmark or the administrator or sponsor of a Benchmark required by applicable law or regulation is not obtained or maintained, or (iv) a Benchmark has, as a matter of law, regulation, market practice or the announcements of, or protocol published by, any industry body, and any committee sponsored by or constituted at the request of any supervisory authority which is responsible for supervising the administrator of a Benchmark, been superseded or is no longer the industry standard for transactions that would previously have referenced such Benchmark.
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Benchmark Fallback Event means, as determined by the Calculation Agent, (i) a Benchmark (or the publication thereof) is permanently discontinued, (ii) the definition of, or the methodology or formula for the determination of a Benchmark, or other means of calculating a Benchmark, is materially changed or is reasonably likely to be changed, (iii) any authorisation, registration, recognition, endorsement, equivalence or approval in respect of a Benchmark or the administrator or sponsor of a Benchmark required by applicable law or regulation is not obtained or maintained, or (iv) a Benchmark has, as a matter of law, regulation,market practice or the announcements of, or protocol published by, any industry body, and any committee sponsored by or constituted at the request of any supervisory authority which is responsible for supervising the administrator of a Benchmark, been superseded or is no longer the industry standard for transactions that would previously have referenced such Benchmark.
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Benchmark Fallback Event means, in respect of any Benchmark, the occurrence of one or more of the following events, as determined by the Determination Agent:
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Examples of Benchmark Fallback Event in a sentence

  • If the Calculation Agent determines that a Benchmark Fallback Event has occurred, it will give notice of such determination to the Issuer and the other Transaction Counterparties and it will identify a Replacement Benchmark.

  • The Calculation Agent will not have any duty to monitor, enquire or satisfy itself as to whether any Benchmark Fallback Event has occurred.

  • In determining whether a Benchmark Fallback Event has occurred, the Calculation Agent will act in a commercially reasonable manner and it may, but is not obliged to, refer to any publicly available information and pronouncements from regulators or industry bodies.

Related to Benchmark Fallback Event

  • Benchmark Event means, with respect to an Original Reference Rate:

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

  • Administrator/Benchmark Event Date means, in respect of an Administrator/Benchmark Event, the date on which the authorisation, registration, recognition, endorsement, equivalence decision, approval or inclusion in any official register is (i) required under any applicable law or regulation; or(ii) rejected, refused, suspended or withdrawn, if the applicable law or regulation provides that the Relevant Benchmark is not permitted to be used under the Securities following rejection, refusal, suspension or withdrawal, or, in each case, if such date occurs before the Issue Date, the Issue Date.

  • Periodic Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • ISDA Fallback Adjustment means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

  • Administrator/Benchmark Event Date means, in respect of an Administrator/Benchmark Event, the date on which the authorisation, registration, recognition, endorsement, equivalence decision, approval or inclusion in any official register is (i) required under any applicable law or regulation; or

  • Fallback Reference Price (if the relevant parties have specified an alternate Commodity Reference Price in the Confirmation);

  • ISDA Fallback Rate means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

  • Base Rate Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Event Determination Date means either:

  • Settlement Disruption Event means each of the following events, as determined by the Calculation Agent in its sole discretion acting in good faith and in a commercially reasonable manner:

  • SOFR Index Cessation Event means the occurrence of one or more of the following events:

  • €STR Index Cessation Event means the occurrence of one or more of the following events:

  • Additional Disruption Event means any of Change in Law, Hedging Disruption and/or Increased Cost of Hedging.

  • Severe Disruption Event means any event specified as such in the Final Terms.

  • OBFR Index Cessation Event means the occurrence of one or more of the following events:

  • 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.

  • Term SOFR Determination Day has the meaning assigned to it under the definition of Term SOFR Reference Rate.

  • 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.

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

  • SOFR Determination Date has the meaning specified in the definition of “Daily Simple SOFR”.

  • Section 11(a)(ii) Event means any event described in Section 11(a)(ii) hereof.

  • ABR Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Event Date shall have the meaning set forth in Section 2(d).

  • Benchmark Price shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.