Substitute Reference Rate definition

Substitute Reference Rate means a successor or replacement rate (expressed as a percentage rate per annum) of the Original Reference Rate nominated by the central bank, supervisory authority or supervisory or expert body of the financial sector established under public law or composed of publicly appointed members including any working group or committee chaired or co-chaired by or constituted at the request of the central bank or other supervisory authority, or nominated by any other third party that is generally recognised by the financial industry as being competent to nominate such rate, which succeeds or replaces the Original Reference Rate and which meets any applicable legal requirements for being used for determining the distributions scheduled to be paid under the Notes determined by the Independent Advisor or the Issuer (as the case may be) in its reasonable discretion.
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Substitute Reference Rate means the reference rate which:
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Substitute Reference Rate means a rate (expressed as a percentage rate per annum) provided by a third party and meeting any applicable legal requirements for being used for determining the payment obligations under the Notes determined by the Service Provider, on behalf of the Issuer, in its due discretion, as modified by applying the adjustments (e.g. in the form of premiums or discounts), if any, that may be determined by the Service Provider, on behalf of the Issuer, in its due discretion.
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Examples of Substitute Reference Rate in a sentence

  • Creditors and their Affiliates or related entities may enter into transactions that affect the calculation of the SOFR Rate or the SOFR Term Rate or the SOFR Term Reference Rate or any other alternative, successor or substitute rate (including any Substitute Reference Rate) or any adjustments corresponding to them, in each case, that adversely affect the Borrower.

  • In the event of a SOFR Term Reference Rate Transition Event, the parties hereby expressly agree to modify this Agreement and substitute any Note entered into to replace the SOFR Term Rate with the Substitute Reference Rate, with effects from the occurrence of a Term SOFR Rate Transition Event.

  • In the event that the fifth Business Day after the Creditors, through the Agent, have notified such modification to the Borrower; If the Creditors have not received, until that time, a written notification from the Borrower objecting to such substitution, it will be considered that the Borrower has accepted the replacement of the SOFR Term Rate with the Substitute Reference Rate.

  • In connection with the use, administration, adoption or implementation of a Substitute Reference Rate, the Creditors will have the right to make Consistency Modifications, from time to time and, without prejudice to any provision to the contrary contained in this Agreement.

  • No replacement of the Reference Rate with a Substitute Reference Rate under this Clause will occur prior to a SOFR Forward Reference Rate Transition Event having occurred.

  • The Creditors will notify the Borrower in writing as soon as possible: (a) the implementation of any Substitute Reference Rate and (b) the entry into force of any Consistency Modifications in relation to the use, administration, adoption or implementation of a Substitute Reference Rate.


More Definitions of Substitute Reference Rate

Substitute Reference Rate means, in relation to any SOFR Term Reference Rate Transition Event, the sum of: (a) the substitute reference rate that has been agreed upon by the Creditors and the Borrower, through the notification of the Creditors and the non-objection of the Borrower in terms of the Fifth Clause of this Agreement taking into consideration (i) any selection or recommendation of a substitute reference rate or the mechanism to determine such rate by the Government Body; or (ii) any market usage that is developing or prevailing for the purposes of determining a reference rate as a substitute rate with respect to the current Reference Rate for credits denominated in Dollars plus (b) the adjustment in the margin or method, in It is understood that to calculate or determine such adjustment in the margin (which may be positive, negative or zero) to such substitute reference rate that has been selected by the Creditors, they will take into consideration: (x) any selection or recommendation of a margin adjustment or the mechanism to determine such margin adjustment, for the replacement of such Reference Rate with a Substitute Reference Rate not adjusted by the Government Body; or (y) any market usage developing or prevailing for the purposes of determining the margin adjustment or the mechanism for determining such margin adjustment, for the replacement of such Reference Rate with an unadjusted Substitute Reference Rate for syndicated or bilateral loans denominated in Dollars. The foregoing with the understanding that, in the event that such Substitute Reference Rate, as determined, is less than zero, such Substitute Reference Rate will be considered zero for the purposes of this Agreement.
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Substitute Reference Rate means a substitute, alternative or successor rate (expressed as a percentage rate per annum) (i) nominated by the central bank, supervisory authority or supervisory orexpert body of the financial sector established under public law or composed of publicly appointed members including any working group or committee chaired or co-chaired by or constituted at the request of the central bank or other supervisory authority, or (ii) nominated by any other third party that is generally recognised by the financial industry as being competent to nominate such rate, which corresponds to an alternative reference rate and meeting any applicable legal requirements for being used for determining the interest scheduled to be paid under the Notes determined by the Independent Advisor (in the case of (i) (A) above) or the Issuer (in the case of (i) (B) above) in its reasonable discretion.(v) If (A) the Issuer is unable to appoint an Independent Advisor or (B) the Independent Advisor appointed by it (in the case of (i) (A) above) or the Issuer (in the case of (i) (B) above) fails to determine a Substitute Reference Rate or an Alternative Rate (as the case may be) in accordance with this § 3 (2)(c) or (C) a Substitute Reference Rate or an Alternative Rate (as the case may be) has been determined but is not yet applicable in accordance with subparagraph (i) above prior to the relevant Determination Day, the 10-Year-EUR-CMS applicable to the relevant Determination Day and the corresponding Variable Interest Period shall be the 10-Year-EUR-CMS in respect of the last preceding Variable Interest Period.For the avoidance of doubt, the operation of this subparagraph (v) shall apply to the relevant Determination Day and the corresponding Variable Interest Period only. Any subsequent Determination Day and Variable Interest Period shall be subject to the subsequent operation of, and to adjustment as provided in, this § 3 (2)(c).(vi)Following the occurrence of a Benchmark Event, the Issuer will give notice of the occurrence of the Benchmark Event, the Substitute Reference Rate or the Alternative Rate (as the case may be), any Adjustment Spread and any Benchmark Amendments to the Calculation Agent and, if required by the rules of any stock exchange on which the Notes are from time to time listed, to such stock exchange as soon as possible.(vii) For the avoidance of doubt, this § 3 (2)(c) shall not only apply in the case of a Reference Rate, but also in the case of a Reference Interest Ra...
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Substitute Reference Rate means a rate (expressed as a percentage rate per annum) provided by a third party and meeting any applicable legal requirements for being used for determining the payment obligations under the Notes determined by the Service Provider, on behalf of the Issuer, in its due discretion, as modified by applying the adjustments (e.g. in the form of premiums or discounts), if any, that may be determined by the Service Provider, on behalf of the Issuer, in its due discretion. 4.8.3 Fixing of the Note Reference Interest Rate The Reference Interest Rate will be fixed according to the rules established in this section and in section 4.8.2 above. On each Determination Date, the Management Company, with the information received from the Paying Agent or the Service Provider (if a Benchmark Event has occurred), will fix the Reference Interest Rate, The Management Company will keep copies of the BLOOMBERG screen printouts, or if appropriate, the quote statements from the banks referred to in section 4.8.2(ii) above, as documents accrediting the EURIBOR rate determined. Notwithstanding the above, the Reference Interest Rate for the first Interest Accrual Period, in other words, the period between the Closing Date and the first Payment Date, will be the result of the linear interpolation between the 1-week EURIBOR rate (as displayed in the EUR001W page of the BLOOMBERG screen) and the 1-month EURIBOR rate, taking into account the number of days of the first Interest Accrual Period. The Reference Interest Rate for the first Interest Accrual Period will be calculated with the following formula: R = E1 + ((d-t1)/t2)*(E2-E1) Where: R = Reference Interest Rate for the first Interest Accrual Period; d = Number of days of the first Interest Accrual Period;E1 = 1-week EURIBOR rate; E2 = 1-month EURIBOR rate;t1 = Number of actual days included in the E1 period; and t2 = Difference between the number of actual days between the period corresponding to E1 period and the period corresponding to E2. 4.8.4 Determination Date of the Reference Interest Rate and of the Interest Rate: The Determination Date of the Reference Interest Rate for each Interest Accrual Period will be the 2nd Business Day prior to each Payment Date and will apply to the following Interest Accrual Period. Exceptionally, (i) for the first Interest Accrual Period, the Determination Date of the Interest Rate will take place two Business Days prior to the Closing Date (that is, on26 February 2020); and (ii) following the ...
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Related to Substitute Reference Rate

  • Successor Reference Rate means the rate that the relevant Independent Adviser determines is a successor to or replacement of the Reference Rate which is formally recommended by any Relevant Nominating Body.

  • Alternative Reference Rate means the rate that the Independent Adviser or the Issuer (as applicable) determines has replaced the relevant Reference Rate in customary market usage in the international debt capital markets for the purposes of determining rates of interest in respect of bonds denominated in the Specified Currency and of a comparable duration to the relevant Interest Period, or, if the Independent Adviser or the Issuer (as applicable) determines that there is no such rate, such other rate as the Independent Adviser or the Issuer (as applicable) determines in its discretion (acting in good faith) is most comparable to the relevant Reference Rate;

  • Applicable Reference Rate means with respect to any Loan made in any currency, the rate indicated on Annex II under the heading “Applicable Reference Rate” for such currency.

  • Replacement Reference Rate means a reference rate which is:

  • Original Reference Rate means the originally-specified benchmark or screen rate (as applicable) used to determine the Rate of Interest (or any component part thereof) on the Notes.

  • Term SOFR Reference Rate means the forward-looking term rate based on SOFR.

  • SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or if the Relevant Screen Page is unavailable, as otherwise is published by such authorised distributors) on the London Banking Day immediately following such London Banking Day; and

  • Reference Rate means the rate specified as such hereon.

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • Adjusted LIBOR Rate means, at any time with respect to any LIBOR Loan, a rate per annum equal to the LIBOR Rate as in effect at such time plus the Applicable Margin Percentage for LIBOR Loans as in effect at such time.

  • Advance Rate has the meaning assigned to such term in Section 5.13.

  • Index Rate means, for any day, a floating rate equal to the higher of (i) the rate publicly quoted from time to time by The Wall Street Journal as the "base rate on corporate loans posted by at least 75% of the nation's 30 largest banks" (or, if The Wall Street Journal ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled "Selected Interest Rates" as the Bank prime loan rate or its equivalent), and (ii) the Federal Funds Rate plus 50 basis points per annum. Each change in any interest rate provided for in the Agreement based upon the Index Rate shall take effect at the time of such change in the Index Rate.

  • EURIBOR Rate has the meaning specified in the definition of “Eurocurrency Rate”.

  • Base Rate means, for any day, the rate per annum equal to the higher of (a) the Federal Funds Rate for such day plus one-half of one percent (0.5%) and (b) the Prime Rate for such day. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective on the effective date of such change in the Prime Rate or Federal Funds Rate.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Alternative Rate means an alternative benchmark or screen rate which the Independent Adviser determines in accordance with Condition 5(j)(ii) is customarily applied in international debt capital markets transactions for the purposes of determining rates of interest (or the relevant component part thereof) in the same Specified Currency as the Notes.

  • Prime Referenced Rate means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.

  • LIBOR Index Rate means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one-sixteenth of one percent) for deposits in U.S. Dollars for delivery on the first day of and for a period equal to such Interest Period in an amount equal or comparable to the principal amount of the Eurodollar Loan scheduled to be made by each Lender as part of such Borrowing, which appears on the Applicable Telerate Page as of 11:00 a.m. (London, England time) on the day two (2) Business Days before the commencement of such Interest Period.