LIBOR Determination Clause Samples
The LIBOR Determination clause defines how the London Interbank Offered Rate (LIBOR) is identified and applied within a contract, typically for calculating interest payments on financial instruments. It outlines the specific source, time, and method for obtaining the relevant LIBOR rate, and may include fallback procedures if LIBOR is unavailable or discontinued. This clause ensures that both parties have a clear and consistent reference for interest calculations, reducing ambiguity and mitigating disputes related to fluctuating or unavailable benchmark rates.
LIBOR Determination. On each LIBOR Determination Date, the Calculation Agent will notify the Servicer, the Issuer and the Administrator by email of LIBOR for the related Interest Period. All determinations of LIBOR by the Calculation Agent, in the absence of manifest error, will be conclusive and binding on the Noteholders.
LIBOR Determination. If the Benchmark is LIBOR, on each Benchmark Determination Date, the Calculation Agent will notify the Servicer, the Issuer and the Administrator by email of the Benchmark for the related Interest Period. If the Benchmark is any rate other than LIBOR, on each Benchmark Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error, will be conclusive and binding on the Series 2020-1 Noteholders.
LIBOR Determination. The Trustee shall determine LIBOR for each Distribution Date in accordance with the definition of "LIBOR" in Article I hereof.