Designated Base Rate means the reference rate (and, if applicable, the methodology for calculating such base rate) determined by the Administrative Agent in its commercially reasonable discretion and in consultation with the Borrower based on (a) in the case of LIBOR, the Alternative Rate or (b) the reference rate being used that is consistent with accepted market practice for secured transactions involving middle market commercial loans, and as to which the Administrative Agent may, in its reasonable discretion, make such adjustments to such rate or the spread thereon, as well as the business day convention, interest determination dates and related provisions and definitions, in each case that are consistent with such accepted market practice for the use of such rate; provided that the written consent of the Borrower shall be required with respect to any LIBOR successor rate that is not a Designated Base Rate.
Designated Base Rate means the reference or base rate recognised or acknowledged as being the industry standard for project finance 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 LMA, which shall include a Base Rate Modifier recognised or acknowledged by the LMA.
Designated Base Rate means the quarterly reference or base rate (and, if applicable, the methodology for calculating such reference rate) determined by the Facility Agent (in its commercially reasonable discretion), which may be based on the rate acknowledged as a standard replacement in the leveraged loan market for the LIBOR Rate by the Loan Syndications and Trading Association® and which may include a modifier applied to a reference or base rate in order to cause such rate to be comparable to the LIBOR Rate, which modifier is recognized or acknowledged as being the industry standard by the Loan Syndications and Trading Association and which modifier may include an addition or subtraction to such unadjusted rate.
Examples of Designated Base Rate in a sentence
To the extent that no rate satisfies either the conditions in clause (x) or the conditions in clause (y), then the Market Replacement Rate shall be the Designated Base Rate.
If the Designated Base Rate with respect to the Secured Notes for any Interest Accrual Period as determined pursuant to the Indenture would be a rate less than 0%, then the Designated Base Rate with respect to the Secured Notes for such Interest Accrual Period will be 0%.
The alternative base rate (which shall be the Designated Base Rate or the Market Replacement Rate unless a Majority of the Controlling Class and a Majority of the Subordinated Notes shall consent to any other alternative base rate in accordance with Section 8.1(a)(xix)) selected by the Collateral Manager to replace LIBOR pursuant to a Base Rate Amendment.
Following a LIBOR Disruption Event with respect to the non-Benchmark Replacement Notes, the Collateral Manager shall, upon written notice to the Issuer and the Trustee, propose an Alternate Reference Rate that is either (x) a Designated Base Rate or a Market Replacement Rate or (y) an Alternate Reference Rate to be adopted pursuant to a Base Rate Amendment.
Notwithstanding anything else in this definition to the contrary, if while any Secured Notes are Outstanding, the Collateral Manager reasonably determines that LIBOR ceases to exist or be reported (or actively updated) on Bloomberg Financial Markets Commodities News, LIBOR will be LIBOR as determined on the previous Interest Determination Date until such time as the Collateral Manager selects an Alternative Base Rate, a Designated Base Rate or a Base Rate Amendment has been executed.
More Definitions of Designated Base Rate
Designated Base Rate. 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, which shall include a Base Rate Modifier recognized or acknowledged by either of such organizations.
Designated Base Rate means any of the following: (a) the reference rate recognized or acknowledged as being the 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
Designated Base Rate means the reference or base rate recognized or acknowledged as being the industry standard for quarterly paying leveraged loans (which recognition must be publicly made and 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, as applicable, which shall include a Base Rate Modifier (if any) recognized or acknowledged by the LSTA or the ARRC.
Designated Base Rate means the sum of (a) if applicable, the Base Rate Modifier and(b) either (i) the quarterly pay reference rate recognized or acknowledged as being the 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 any of the Loan Syndications and Trading Association® (together with any successor organization, "LSTA"), the International Swaps and Derivatives Association (together with any successor organization, "ISDA") or the Alternative Reference Rates Committee convened by the Federal Reserve (together with any successor organization, "ARRC") or, if no such rate is recognized or acknowledged by the LSTA or ARRC, the International Swaps and Derivatives Association (together with any successor organization, "ISDA"), (ii) the quarterly pay reference rate that is used in calculating the interest rate of at least 50% of (x) the Underlying Assets (by par amount) or (y) the par amount of floating rate notes issued in the preceding three months in new issue collateralized loan obligation transactions or (iii) with the consent of a Majority of the Controlling Class and a Majority of the Subordinated Notes, an alternative rate that in the commercially reasonable judgment of the Asset Manager is consistent with the successor for LIBOR. The applicable reference rate described in clause (b) of the preceding sentence, if available or determinable, shall be identified in writing to the Trustee and the Calculation Agent by the Asset Manager in a reasonably timely manner to enable the Trustee to give notice thereof (and the Trustee shall provide written notice of such Designated Base Rate to the holders of the Notes) and shall begin to apply as of the first day of the Interest Accrual Period set forth in a proposed Base Rate Amendment (or, in the case of the adoption of a Designated Base Rate without a Base Rate Amendment as described in Section 8.2(c) shall begin to apply as of the first day of the Interest Accrual Period specified in Section 8.2(c)8.8.
Designated Base Rate. The reference or base rate recognized or acknowledged as being the 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, which shall include a Base Rate Modifier recognized or acknowledged by either of such organizations.
Designated Base Rate. The quarterly reference or base rate (and, if applicable, the methodology for calculating such reference rate) determined by the Collateral Manager (in its commercially reasonable discretion), which may be based on the rate acknowledged as a standard replacement in the leveraged loan market for the Term SOFR Rate by the LSTA and which may include a modifier, as determined by the Collateral Manager, 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 and which modifier may include an addition or subtraction to such unadjusted rate.
Designated Base Rate. The quarterly reference or base rate (and, if applicable, the methodology for calculating such reference rate) determined by the Collateral Manager (in its commercially reasonable discretion), which may be based on the rate acknowledged as a standard replacement in the leveraged loan market for the Term SOFR Rate by the LSTA and which may include a modifier, as determined by the Collateral Manager, 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 and which modifier may include an addition or subtraction to such unadjusted rate. “Designated Deposit Cap”: The meaning specified in Section 10.3(c). “Designated Excess Par”: The meaning specified in Section 9.2(l). “Designated Principal Proceeds”: The meaning specified in Section 10.3(c). “Designated Ramp-Up Proceeds”: The meaning specified in Section 10.3(c). “Determination Date”: The last day of each Collection Period. “DIP Collateral Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.