Examples of Interpolated Benchmark in a sentence
In the first instance, the Benchmark Replacement would be the Interpolated Benchmark.
If the Independent Adviser or, as the case may be, the Issuer cannot determine the Interpolated Benchmark, (for example, because the Benchmark Event has occurred with respect to the Original Reference Rate for all tenors), the Benchmark Replacement would be the first of the following alternatives – (i) Identified SORA, (ii) Compounded SORA, (iii) the Successor Rate, (iv) the ISDA Fallback Rate (including Fallback Rate (SOR)) and (v) the Alternative Rate.
The terms of this USD LIBOR Instrument provide for USD LIBOR to be replaced by a rate that matches the Federal Reserve Board-selected Benchmark Replacement if the issuer determines that a Benchmark Transition Event and the related Benchmark Replacement Date have occurred and the Interpolated Benchmark (as each such term is defined in the terms of such USD LIBOR Instrument) cannot be determined.
If the Independent Adviser or, as the case may be, the Issuer cannot determine the Interpolated Benchmark, (for example, because the Benchmark Event has occurred with respect to the Original Reference Rate for all tenors), the Benchmark Replacement would be the first of the following alternatives – (i) TermIdentified SORA, (ii) Compounded SORA, (iii) the Successor Rate, (iv) the ISDA Fallback Rate (including Fallback Rate (SOR)) and (v) the Alternative Rate.
Interpolated Benchmark with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.