Alternative Index a floating rate index (a) that becomes generally accepted as a successor interest rate index to LIBOR in commercial mortgaged backed real estate finance transactions, as reasonably determined by Servicer, (b) is a Floating Rate Option under the 2006 ISDA Definitions (as may be amended from time to time) or successor definitions to the 2006 ISDA Definitions as published by the ISDA and (c) for which ISDA has published a final version of an amendment or protocol that is intended to amend pre-existing ISDA-based swap agreements, generally providing such floating rate index as a successor or alternative to the USD-LIBOR-BBA definition in effect as of the date hereof. Such index shall be reasonably determined by Servicer by reference to a generally accepted reporting service for such index such as Bloomberg or a similar service.
Alternative Index means any interest rate index designated by the Administrator or by the Servicer, which will be one of the following: (A) a new benchmark that has been selected, endorsed or recommended, by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or by a committee officially endorsed or convened thereby (the “Relevant Government Sponsor”), as the replacement for US dollar one-month LIBOR, or (B) if there is no such replacement benchmark for US dollar one-month LIBOR, then a new benchmark that has been selected, endorsed or recommended by the Relevant Government Sponsor for US dollar overnight LIBOR or (C) if the Administrator has not selected an Alternative Index but an Alternative Note Rate Trigger has occurred, the successor interest rate index applicable to the highest percentage of Purchased Mortgage Loans that are adjustable-rate mortgage loans.
Alternative Index means an index which replaces the WIBOR Rate under the provisions of generally applicable law, in particular where the WIBOR Rate is no longer compiled and published, or is abolished. The Alternative Index will be used taking into account the method, formula, adjustment and dates specified in the provisions introducing the application of Alternative Index.
Examples of Alternative Index in a sentence
From the date on which the index used to determine the price for a particular NGL or NGL Market Center ceases to be available, until the Alternate Index is determined, the price for such NGL or NGL Market Center shall be the average of the prices in effect during the twelve (12) Months preceding the Month in which the index upon which the price was based ceased to be available, which price shall be effective until the Alternative Index has been determined pursuant to Article XII.
If, on or before 30 days after the applicable index ceases to be published, the Parties are unable to agree on an Alternative Index, then the matter shall be referred to an Expert for determination in accordance with Section 11.13.
The provisions of this Section 12.2 shall apply to disputes relating to the determination of the price payable for Subject NGLs under Article VI, including, without limitation, issues relating to the choice of an applicable Alternative Index, (all such disputes being hereinafter called "Price Disputes").
Any prepayment of principal made on a date other than a Payment Date shall include any applicable LIBOR Breakage Costs (and, after the LIBOR Termination Date, any breakage fees and costs relating to any Interest Period in respect of the Alternative Index Rate).
Borrower agrees that Agent shall not be liable in any manner for its selection of an Alternative Index pursuant to this Section.
More Definitions of Alternative Index
Alternative Index shall have the meaning assigned to such term in the definition of “LIBOR” below.
Alternative Index has the meaning given to such term in Section 3.5(a).
Alternative Index means a published index, which the parties hereto acknowledge and agree may be an index that does not yet exist and/or is not commonly being used as of the date hereof, that Agent determines (i) is then-currently used in making determinations of the interest rate for variable rate commercial loans, (ii) is commonly accepted by market participants in portfolio commercial mortgage loans, and (iii) is publicly recognized by ISDA as an alternative to the Fixed LIBO Rate and for which ISDA has approved a hedge agreement or an amendment to hedge agreements, generally providing such published index as a standard alternative to the Fixed LIBO Rate; provided that such index shall be chosen and applied by Agent in consultation with Borrower and the Banks and in a manner consistent with then-prevailing market practice. In no event shall the Alternative Index be less than the Cost of Funds.
Alternative Index means (i) in relation to Interest Periods commencing from and after July 15, 2023, Term SOFR, and (ii) upon a Benchmark Replacement Date in relation to Term SOFR, a floating rate index (a) that is commonly accepted by market participants in CMBS loans as an alternative for Term SOFR (or the then-current Benchmark) and (b) the reference rate which is then generally being implemented by Lender (or the Servicer, acting therefor) in CMBS loans as a replacement for Term SOFR (or the then-current Benchmark).
Alternative Index is defined in Section 4.3.
Alternative Index means a substitute source and/or date for determining LIBOR or a substitute index for non-consumer loans which, in any case, is (i) readily available and verifiable, (ii) beyond the control of Lender, (iii) used by Lender with respect to other credit facilities which used LIBOR (except those credit facilities, which by the terms of their loan documents, specify the use of another index in such event), and (iv) an index approximating or is expected to approximate the behavior of LIBOR or an annual rate that is being used by a major segment of the United States and/or international banking community as a replacement benchmark for LIBOR in commercial real estate loans, while being as economically neutral to the Borrowers as possible. The parties hereto acknowledge and agree that the Alternative Index may be an index that does not yet exist and/or is not commonly being used as of the Closing Date.
Alternative Index means for any Interest Period during a LIBOR Disruption Event that has occurred pursuant to clause (iv) of the definition thereof, the alternative reference rate selected by the Board of Governors of the Federal Reserve System (including any committee or working group thereof) that is consistent with accepted market practice for similar secured transactions involving single family residential real estate portfolios with similarly situated borrowers, and as to which the Administrative Agent may, in its reasonable discretion (in consultation with Borrower), with the consent of the Majority Lenders, make such adjustments to such rate or, subject to the provisions of the definition of Applicable Margin, 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.