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.

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.

Substitute Reference Rate means the reference rate which: (i) is formally designated, selected or recommended as a substitute for EURIBOR by (I) the European Money Markets Institute (EMMI) (providing that the market or economic reality measured by the proposed reference rate is equal to that measured by EURIBOR); or

Examples of Substitute Reference Rate in a sentence

• Nykredit Realkredit will, in such case, choose a Substitute Reference Rate.

• The Coupon Interest of floating-rate Bonds is calculated for each Payment Period in relation to the stated Reference Rate (or, where relevant, the Substitute Reference Rate and the Adjustment Spread) plus an Interest Rate Spread as set out in the Final Bond Terms.

• Moreover, Nykredit Realkredit may (in good faith and in a commercially reasonable manner) substitute the Reference Rate by a Substitute Reference Rate and determine an Adjustment Spread, if relevant, should one or more public authorities significantly dispute the use of the agreed Reference Rate as reference rate, or should a relevant financial sector enter into an agreement with a public authority about the use of a reference rate other than the agreed Reference Rate.

• If the Reference Rate as stated in the relevant Final Bond Terms is no longer published or if the terms underlying the relevant Reference Rate change considerably, or if Nykredit Realkredit finds that the agreed Reference Rate no longer reflects the relevant market for the relevant Reference Rate, Nykredit Realkredit may (in good faith and in a commercially reasonable manner), if necessary, substitute the Reference Rate by a Substitute Reference Rate and determine an Adjustment Spread, if relevant.

• When choosing a Substitute Reference Rate, Nykredit Realkredit will act in good faith and in a commercially reasonable manner while safeguarding as much as possible that Bondholders are placed in the same situation as if the Reference Rate had been available.

• For the avoidance of doubt, if the Service Provider, on behalf of the Issuer, should not determine a Substitute Reference Rate, the fallback provisions pursuant to paragraph 4.8.2(ii) above shall apply.

• To the extent that the Service Provider applies €STR as Substitute Reference Rate, the Service Provider, on behalf of the Issuer, shall be entitled to determine an Adjustment Spread for overnight rate calculated on the basis of unsecured borrowing deposit transactions.

• If the Service Provider, on behalf of the Issuer, decides to determine a Substitute Reference Rate, the Service Provider, on behalf of the Issuer, shall weigh up the interests of the Noteholders, any Swap Counterparty and the Issuer's own interests and determine the Substitute Reference Rate and any adjustment, if any, in a manner that to the greatest possible extent upholds the economic character of the Notes for either side.

• This paragraph shall apply mutatis mutandis in the event of a Benchmark Event occurring in relation to any Substitute Reference Rate previously determined by the Service Provider, on behalf of the Issuer.

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More Definitions of Substitute Reference Rate

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 ...

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...

Substitute Reference Rate means the reference rate which:

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.