Reference Rate Modifier definition

Reference Rate Modifier. A modifier, other than the Benchmark Replacement Adjustment, recognized or acknowledged by the Loan Syndications and Trading Association or the Alternative Reference Rate Committee convened by the Federal Reserve that is applied to a reference rate to the extent necessary to cause such rate to be comparable to Term SOFR Rate, which may include an addition to or subtraction from such unadjusted rate.
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Reference Rate Modifier means a modifier, other than the Benchmark Replacement Adjustment, applied to a reference rate to the extent necessary to cause such rate to be comparable to the three-month LIBOR, which may include an addition to or subtraction from such unadjusted rate.
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Reference Rate Modifier means a modifier applied to a reference rate in order to cause such rate to be comparable to LIBOR, which may include an addition to or subtraction from such unadjusted rate."
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Examples of Reference Rate Modifier in a sentence

  • The Trustee shall have no responsibility or liability for electing, determining or verifying any non-LIBOR rate for the Eligible Notes including, without limitation, (i) determining whether such rate is a Benchmark Replacement or an Alternative Reference Rate, (ii) electing to apply any Benchmark Replacement Adjustment or Reference Rate Modifier, or (iii) determining whether the conditions to the designation of a Benchmark Replacement or an Alternative Reference Rate have been satisfied.

  • The Trustee shall have no responsibility or liability for electing, determining or verifying any non-LIBOR rate for the Eligible Notes including, without limitation, (i) determining whether such rate is a Benchmark Replacement Rate or an Alternative Reference Rate, (ii) electing to apply any Benchmark Replacement Rate Adjustment or Reference Rate Modifier, or (iii) determining whether the conditions to the designation of a Benchmark Replacement Rate or an Alternative Reference Rate have been satisfied.

  • The Benchmark may be amended (which may include application of a Reference Rate Modifier) in connection with Benchmark Replacement Conforming Changes effected pursuant to Article VIII of the Indenture.


More Definitions of Reference Rate Modifier

Reference Rate Modifier. A modifier applied to a reference rate in order to cause such rate to be comparable to LIBOR, which may include an addition to or subtraction from such unadjusted rate.
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Reference Rate Modifier means any modifier recognized or acknowledged by the Loan Syndication and Trading Association or the Alternative Reference Rate Committee convened by the Federal Reserve that is applied to a reference rate in order to cause such rate to be comparable to three-month Libor, the application of which may result in an increase or reduction to (or no change to) such unadjusted rate. For the avoidance of doubt, to the extent the Reference Rate Modifier does not exist, it will be zero or have no effect, as the case may be, for purposes of this definition.
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Reference Rate Modifier. Any modifier recognized or acknowledged by the LSTA or ARRC, as applicable, that is selected by the Collateral Manager and applied to the Designated Alternative Rate in order to cause such rate to be comparable to 3 month LIBOR, which may consist of an addition to or subtraction from such unadjusted rate. For the avoidance of doubt, any Reference Rate Modifier recognized or acknowledged by the LSTA will only be applicable to the extent the Alternative Rate is the rate recommended by the LSTA, and any Reference Rate Modifier recognized or acknowledged by the ARRC will only be applicable to the extent the Alternative Rate is the rate recommended by the ARRC.
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Reference Rate Modifier means any modifier recognised or acknowledged by the LMA, AFME or the LSTA, as applicable, that is applied to a reference rate in order to cause such rate to be comparable to 3-month EURIBOR or, following the occurrence of a Frequency Switch Event, 6-month EURIBOR, which may consist of an addition to or subtraction from such unadjusted rate.  Condition 19(c) (Agent for Service of Process) is amended by deleting “TMF Corporate Services Limited” and replacing it with “TMF Global Services (UK) Ltd”. Amendments to the Investment Management Agreement in respect of the Refinancing Notes In connection with the Refinancing, the Issuer intends to make the following amendments to the Investment Management Agreement pursuant to a deed of amendment (the “Amendment Deed”). The Amendment Deed shall take effect immediately following the redemption of the Refinanced Notes and immediately prior to the issuance of the Refinancing Notes.  The definition of “Weighted Average Life Test” shall be deleted and replaced with the following:The “Weighted Average Life Test” will be satisfied on any Measurement Date if the Weighted Average Life as of such date is less than or equal to the number of years (rounded up to the nearest one hundredth thereof) during the period from such Measurement Date to 21 July 2025.  Schedule 5 (Reinvestment Criteria) shall be amended by deleting paragraph (f) of the criteria set out under “Following the Expiry of the Reinvestment Period” and replacing it with the following: (f) either: (A) the Portfolio Profile Tests and the Collateral Quality Tests (except the Moody’s Maximum Weighted Average Rating Factor Test, the Weighted Average Life Test and the Moody’s Minimum Diversity Test) are satisfied; or (B) if any such test was not satisfied such test will be maintained or improved after giving effect to such reinvestment when compared with the results of such tests immediately prior to the sale or prepayment (in whole or in part) of the relevant Collateral Debt Obligation;  Schedule 7 (Fitch Test Matrices) is deleted and replaced with the following:Fitch Tests MatricesSubject to the provisions provided below, the Investment Manager will have the option to elect which of the cases set out in the matrices set out below (each such matrix to have a different concentration limit for the largest 10 Obligors by Principal Balance applicable to it) (each a “Fitch Tests Matrix” and together the “Fitch Tests Matrices”) shall be applicable for purposes of the Fi...
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Reference Rate Modifier. Any modifier recognized or acknowledged by the LSTA or ARRC, as applicable, that is selected by the Collateral Manager and applied to the Designated Alternative Rate in order to cause such rate to be comparable to 3 month LIBOR, which may consist of an addition to or subtraction from such unadjusted rate. For the avoidance of doubt, any Reference Rate Modifier recognized or acknowledged by the LSTA will only be applicable to the extent the Alternative Rate is the rate recommended by the LSTA, and any Reference Rate Modifier recognized or acknowledged by the ARRC will only be applicable to the extent the Alternative Rate is the rate recommended by the ARRC. Floor Obligation”: As of any date, a Floating Rate Obligation (a) for which the related Underlying Instruments allow a rate option with respect to London interbank offered rate or other applicable reference rate, (b) that provides that such reference rate is (in effect) calculated as the greater of (i) a specified “floor” rate per annum and (ii) the London interbank offered rate or other applicable reference rate for the applicable interest period for such Collateral Obligation and (c) that, as of such date, bears interest based on such reference rate option, but only if as of such date the applicable reference rate for the applicable interest period is less than such floor rate.
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Related to Reference Rate Modifier

  • Reference Rate means the rate specified as such hereon.

  • Reference Rate Advance means an Advance which bears interest as provided in Section 2.09(a).

  • Reference Rate Determination Date means, in relation to any Reference Rate Business Day(i):

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • Reference Rate Loan means any Committed Loan that bears interest at a rate determined with reference to the Reference Rate.

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Eurocurrency Base Rate has the meaning specified in the definition of Eurocurrency Rate.

  • SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or if the Relevant Screen Page is unavailable, as otherwise is published by such authorised distributors) on the London Banking Day immediately following such London Banking Day; and

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • Term SOFR Reference Rate means the forward-looking term rate based on SOFR.

  • Reset Reference Rate means in respect of a Reset Period, the gross redemption yield (as calculated by the Agent Bank on the basis set out by the United Kingdom Debt Management Office in the paper “Formulae for Calculating Gilt Prices from Yields”, page 5, Section One: Price/Yield Formulae “Conventional Gilts”; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date (published 8 June 1998, as amended or updated from time to time) or if such basis is no longer in customary market usage at such time, in accordance with generally accepted market practice at such time, on a semi-annual compounding basis (rounded up (if necessary) to four decimal places) of the Benchmark Gilt in respect of that Reset Period, with the price of the Benchmark Gilt for the purpose of determining the gross redemption yield being the arithmetic average (rounded up (if necessary) to the nearest 0.001 per cent. (0.0005 per cent. being rounded upwards)) of the bid and offered prices of such Benchmark Gilt quoted by the Reset Reference Banks at 11.00 a.m. (London time) on the Reset Determination Date in respect of such Reset Period on a dealing basis for settlement on the next following dealing day in London. Such quotations shall be obtained by or on behalf of the Issuer and provided to the Agent Bank. If at least four quotations are provided, the Reset Reference Rate will be determined by reference to the rounded arithmetic mean of the quotations provided, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If only two or three quotations are provided, the Reset Reference Rate will be determined by reference to the rounded arithmetic mean of the quotations provided. If only one quotation is provided, the Reset Reference Rate will be determined by reference to the rounded quotation provided. If no quotations are provided, the Reset Reference Rate will be the previous Reset Reference Rate or (in the case of the first Reset Period) 1.581 per cent., where:

  • Base Rate Revolving Loan means a Revolving Loan that is a Base Rate Loan.

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Base Rate Term Loan means any portion of the Term Loan during any period in which it bears interest based on the Base Rate.

  • Base Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Replacement Reference Rate means a reference rate which is:

  • Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: Pricing Level Debt Rating I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.

  • Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA or higher or Xxxxx’x Rating Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.

  • Applicable Prime Rate Margin shall have the meaning provided in section 2.7(g).

  • Floating Rate Margin means 7.50 per cent. per annum.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Eurocurrency Rate Reserve Percentage for any Interest Period for all Eurocurrency Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such Interest Period.

  • Applicable Margins means collectively the Applicable Revolver Index Margin, the Applicable Term Loan Index Margin, the Applicable Revolver LIBOR Margin and the Applicable Term Loan LIBOR Margin.