Index Cessation Event definition

Index Cessation Event means, with respect to an Applicable Benchmark, (a) a public statement or publication of information by or on behalf of the Administrator of the Applicable Benchmark announcing that it has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider, as applicable, that will continue to provide the Applicable Benchmark; or (b) a public statement or publication of information by the regulatory supervisor for the Administrator of the Applicable Benchmark, the central bank for the currency of the Applicable Benchmark, an insolvency official with jurisdiction over the Administrator for the Applicable Benchmark, a resolution authority with jurisdiction over the Administrator for the Applicable Benchmark or a court or an entity with similar insolvency or resolution authority over the Administrator for the Applicable Benchmark, which states that the Administrator of the Applicable Benchmark has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider that will continue to provide the Applicable Benchmark.

Index Cessation Event means an Index Cessation Event as defined in Supplement number 70 to the 2006 ISDA Definitions, as amended or supplemented from time to time, and, for the purposes of these Conditions and the definition of "Index Cessation Event" therein, the "Applicable Rate" as used therein is six-month Sterling LIBOR;

Index Cessation Event means, in respect of a Relevant Benchmark which is a Reference Rate or a Floating Rate Option, or any other interest rate, yield, cost of funds or similar rate, the occurrence or existence, as determined by the Issuer, of one or more of the following events:

Examples of Index Cessation Event in a sentence

• If no such rate has been recommended within one U.S. Government Securities Business Day of the SOFR Index Cessation Event, then the Funding Corporation shall use the Overnight Bank Funding Rate appearing at 3:00 p.m. (New York City time) on the FRBNY’s website (“OBFR”) for any Reset Date after the SOFR Index Cessation Date (it being understood that the OBFR for any such Reset Date will be for transactions made on the related Determination Date).

• If no such rate has been recommended within one U.S. Government Securities Business Day of the SOFR Index Cessation Event, then the Calculation Agent shall use the Overnight Bank Funding Rate published on the Federal Reserve’s Website for any Reset Date after the SOFR Index Cessation Date (it being understood that the Overnight Bank Funding Rate for any such Reset Date will be for trades made on the related Determination Date).

• The ISDA later announced that the statements from the UK Financial Conduct Authority constitute an "Index Cessation Event" pursuant to the IBOR Fallbacks Supplement (Supplement Number 70 to the 2006 ISDA Definitions) and the ISDA 2020 IBOR Fallbacks Protocol, and as such this event triggers a "Spread Adjustment Fixing Date" pursuant to the Bloomberg IBOR Fallback Rate Adjustments Rule Book.

• If an ECB Recommended Rate has been recommended and both an ECB Recommended Rate Index Cessation Event and an ECB Recommended Rate Index Cessation Effective Date subsequently occur, then the rate of €STR for each TARGET Business Day in the relevant Observation Period occurring on or after that ECB Recommended Rate Index Cessation Effective Date will be determined as if references to €STR were references to the Modified EDFR.

• The Issuer shall notify the Calculation Agent of the occurrence of an Index Cessation Event and the date of the same as soon as practicable thereafter.

More Definitions of Index Cessation Event

Index Cessation Event. , means in respect of any Series of Notes and a Floating Rate:

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

Index Cessation Event means, in respect of EURIBOR or, in the event an Applicable Fallback Rate is being used, such Applicable Fallback Rate:

Index Cessation Event means each of the following scenarios:

Index Cessation Event means, in respect of any Notes and a Relevant Benchmark, the occurrence or existence, as determined by the Calculation Agent, of one or more of the following events:

Index Cessation Event means, in respect of a Reference Rate:

Index Cessation Event means, in respect of a Relevant Rate Benchmark, the occurrence of one or more of the following events: