Designated Base Rate definition

Designated Base Rate means the reference rate (and, if applicable, the methodology for calculating such base rate) determined by the Administrative Agent in its commercially reasonable discretion and in consultation with the Borrower based on (a) in the case of LIBOR, the Alternative Rate or (b) the reference rate being used that is consistent with accepted market practice for secured transactions involving middle market commercial loans, and as to which the Administrative Agent may, in its reasonable discretion, make such adjustments to such rate or 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; provided that the written consent of the Borrower shall be required with respect to any LIBOR successor rate that is not a Designated Base Rate.

Designated Base Rate. The reference or base rate proposed, recognized or acknowledged as being an industry standard for leveraged loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by the LSTA or the ARRC, which shall include a Base Rate Modifier recognized or acknowledged by either of such organizations.

Designated Base Rate means the reference or base rate recognised or acknowledged as being the industry standard for project finance loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by the LMA, which shall include a Base Rate Modifier recognised or acknowledged by the LMA.

Examples of Designated Base Rate in a sentence

• Investors should note that the Issuer may, in certain circumstances, amend the Transaction Documents to modify or amend the reference rate in respect of the Notes without the consent of Noteholders, provided that the Controlling Class have consented within the timescale provided in Condition 14(c) (Modification and Waiver), in each case, acting by way of Ordinary Resolution (provided that if the Alternative Base Rate is a Designated Base Rate, then such consent shall not be required).

• Investors should note that the Issuer may, in certain circumstances, amend the Transaction Documents to modify or amend the reference rate in respect of the Notes without the consent of Noteholders, provided that the Controlling Class and the Subordinated Noteholders have, where applicable, consented, in each case, acting by way of Extraordinary Resolution, unless the Alternative Base Rate is the Designated Base Rate, in which case such amendments may be made without the consent of Noteholders.

• Investors should note that the Issuer may, in certain circumstances, amend the Transaction Documents to modify or amend the reference rate in respect of the Notes without the consent of Noteholders, provided that the Controlling Class have consented within the timescale provided in Condition 14(c) (Modification and Waiver), in each case, acting by way of Ordinary Resolution (provided that if the AlternativeBase Rate is a Designated Base Rate, then such consent shall not be required).

• Investors should note that the Issuer may, in certain circumstances, amend the Transaction Documents to modify or amend the reference rate in respect of the Notes without the consent of Noteholders, provided that (unless the Alternative Base Rate is the Designated Base Rate), the Controlling Class and the Subordinated Noteholders have consented within the timescale provided in Condition 14(c) (Modification and Waiver), in each case, acting by way of Ordinary Resolution.

• Investors should note that the Issuer may, in certain circumstances, amend the Transaction Documents to modify or amend the reference rate in respect of the Notes without the consent of Noteholders, provided that the Controlling Class and the Subordinated Noteholders have consented, in each case, acting by way of Ordinary Resolution unless the Alternative Base Rate is the Designated Base Rate.

More Definitions of Designated Base Rate

Designated Base Rate means the quarterly reference or base rate (and, if applicable, the methodology for calculating such reference rate) determined by the Facility Agent (in its commercially reasonable discretion), which may be based on the rate acknowledged as a standard replacement in the leveraged loan market for the LIBOR Rate by the Loan Syndications and Trading Association® and which may include a modifier applied to a reference or base rate in order to cause such rate to be comparable to the LIBOR Rate, which modifier is recognized or acknowledged as being the industry standard by the Loan Syndications and Trading Association and which modifier may include an addition or subtraction to such unadjusted rate.

Designated Base Rate means any of the following: (a) the reference rate recognized or acknowledged as being the industry standard for leveraged loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by

Designated Base Rate means the reference or base rate recognized or acknowledged as being the industry standard for quarterly paying leveraged loans (which recognition must be publicly made and may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by the LSTA or the ARRC, as applicable, which shall include a Base Rate Modifier (if any) recognized or acknowledged by the LSTA or the ARRC.

Designated Base Rate means the sum of (a) if applicable, the Base Rate Modifier and (b) either (i) the quarterly pay reference rate recognized or acknowledged as being the industry standard for leveraged loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by any of the Loan Syndications and Trading Association® (together with any successor organization, "LSTA") or the Alternative Reference Rates Committee convened by the Federal Reserve (together with any successor organization, "ARRC") or, if no such rate is recognized or acknowledged by the LSTA or ARRC, the International Swaps and Derivatives Association (together with any successor organization, "ISDA"), (ii) the quarterly pay reference rate that is used in calculating the interest rate of at least 50% of (x) the Underlying Assets (by par amount) or (y) the par amount of floating rate notes issued in the preceding three months in new issue collateralized loan obligation transactions or (iii) with the consent of a Majority of the Controlling Class and a Majority of the Subordinated Notes, an alternative rate that in the commercially reasonable judgment of the Asset Manager is consistent with the successor for LIBOR. The applicable reference rate described in clause (b) of the preceding sentence, if available or determinable, shall be identified in writing to the Trustee and the Calculation Agent by the Asset Manager in a reasonably timely manner to enable the Trustee to give notice thereof (and the Trustee shall provide written notice of such Designated Base Rate to the holders of the Notes) and shall begin to apply as of the first day of the Interest Accrual Period specified in Section 8.8.

Designated Base Rate means either (x) the rate (and, if applicable, the methodology for calculating such rate) formally proposed, recommended or recognised as an industry standard rate (whether by letter, protocol, publication of standard terms or otherwise) by the Loan Market Association, the Loan Syndication and Trading Association (or any successor organisations thereto) or the U.S. Federal Reserve Alternative Reference Rates Committee as a replacement rate for LIBOR or EURIBOR (as applicable) or (y) the successor rate for LIBOR or EURIBOR (as applicable) being used in at least 50 per cent. of the quarterly paying Floating Rate Collateral Obligations included in the Portfolio, in each case as determined by the Collateral Manager in its sole discretion.

Designated Base Rate means the reference rate (and, if applicable, the methodology for calculating such reference rate (including the incorporation of any modifier thereto)) and such replacement reference rate shall be the sum of the Reference Rate Modifier and (1) the rate suggested as a replacement for LIBOR by the Alternative Reference Rates Committee convened by the Federal Reserve, (2) the rate acknowledged or suggested as the industry standard for the leveraged loan market by the LSTA or (3) the rate that is consistent

Designated Base Rate means any: Any of the following: (a) the three-month reference rate recognized or acknowledged as being the industry standard for leveraged loans (which recognition may be in the form of a press release, a member announcement, a member advice, letter, protocol, publication of standard terms or otherwise) by (i) the Loan Syndications and Trading Association® (“LSTA”) or (ii) the Alternative Reference Rates Committee convened by the FRB (“ARCBoard of Governors of the Federal Reserve System (“ARRC”), which in either case may include a reference rate modifier recognized or acknowledged by LSTA or ARC, respectively,shall include a Reference Rate Modifier or (b) the single reference rate that is used in calculating the interest rate of at least 50% of the par amount of (i) quarterly pay Floating Ratefloating rate Collateral Obligations owned by the Issuer or (ii) floating rate notes issued in the preceding three months in new issue CLOcollateralized loan obligation transactions (with respect to (b)(i) and (b)(ii) above, in each case, as determined by the Portfolio Manager as of the first day of the Interest Accrual Period during which the Designated Base Rate is selected); provided, that if a Designated Base Rate cannot be determined using clause (a) or (b) above because no such three-month rate exists or there is not a single reference rate meeting the requirements of clause (b), then the Designated Base Rate will be the rate used in calculating the greatest percentage of floating rate Collateral Obligations owned by the Issuer that have a common reference rate (as determined by the Portfolio Manager and notified to the Trustee and the Collateral Administrator). Notwithstanding the foregoing, Designated Base Rate will be the greater of (x) Designated Base Rate as determined pursuant to this definition and (y) 0.00%.