Benchmark Rate definition

Benchmark Rate means, with respect to any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price for such Redemption Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Benchmark Rate means the average of the four quotations given by the Reference Dealers on the Calculation Date at 11.00 a.m. (Central European time (CET)) of the mid-market annual yield to maturity of the Reference Bond specified in the relevant Final Terms. If the Reference Bond is no longer outstanding, a Similar Security will be chosen by the Calculation Agent at 11.00 a.m. (Central European time (CET)) on the Calculation Date, quoted in writing by the Calculation Agent to the Issuer and published in accordance with Condition 13. The Benchmark Rate will be published by the Issuer in accordance with Condition 13.

Benchmark Rate shall have the meaning specified in paragraph 3(c) of Part II of this Section 12.

Examples of Benchmark Rate in a sentence

• Promptly upon its receipt of each such Benchmark Rate Notice, Agent shall provide notice thereof to each of the affected Lenders.

• With respect to a Term Rate Loan denominated in Dollars or Canadian Dollars, on the last day of each applicable Interest Period, unless Borrowers have properly exercised the Benchmark Rate Option with respect thereto, such Loan shall automatically be converted to a Base Rate Loan.

• Borrowers shall have the option, subject to Section 2.12(b), to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein)), upon conversion from one Type of Loan to another Type of Loan, or continuation of a Loan as a Loan of the same Type, at a rate of interest based upon the applicable Benchmark Rate, for such Currency pursuant to the terms set forth herein (the “Benchmark Rate Option”).

• Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender, nor any of their Participants, is required actually to acquire deposits in the applicable Currency to fund or otherwise match fund any Obligation as to which interest accrues at the applicable Benchmark Rate.

• Borrowers may only exercise the Benchmark Rate Option for proposed Benchmark Rate Loans of at least $1,000,000.

More Definitions of Benchmark Rate

Benchmark Rate means, for an Interest Period, the BBSW Rate as specified in the relevant Pricing Supplement;

Benchmark Rate means the average of the two quotations given by the Reference Dealers on the Calculation Date at 11.00 a.m. (Central European time ("CET")) of the mid-market annual yield to maturity of the Reference Bond specified in the applicable Final Terms. If the Reference Bond is no longer outstanding, a Similar Security will be chosen by the Determination Agent at

Benchmark Rate means the benchmark rate calculated on the Calculation Date and determined by the Quotation Agent based on the rate per annum equal to the annual yield to maturity or interpolated yield to maturity of the Benchmark Security, assuming a price for the Benchmark Security (expressed as a percentage of its nominal amount) equal to the Benchmark Security Price for the relevant Optional Redemption Date;

Benchmark Rate means the applicable Benchmark Replacement.

Benchmark Rate means the State Bank of Pakistan discount rate at the commencement of the tax year;

Benchmark Rate means (i) the average of the four (4) quotations given by the Reference Dealers of the mid-market annual yield to maturity of the Reference Security on the Calculation Date at 11.00 a.m. (CET) or (ii) the Reference Screen Rate. The Benchmark Rate will be published by the Issuer in accordance with Condition 14;

Benchmark Rate means, initially, the SOFR Rate; provided that if the Administrator determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark Rate, then “Benchmark Rate” means the applicable Benchmark Replacement.