Replacement Benchmark Rate definition

Replacement Benchmark Rate means the benchmark rate, together with a spread (if applicable) determined by the Calculation Agent in its sole discretion after taking into account prevailing market practice or any spread published by a governmental authority or industry body, determined by the Calculation Agent to be an appropriate successor to the Reference Rate.

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Replacement Benchmark Rate means the benchmark rate determined by the Calculation Agent, acting reasonably and in good faith, to be an appropriate successor to EURIBOR;

Replacement Benchmark Rate means an alternate benchmark rate, together with applicable spread or other adjustments (if any) to such benchmark, reasonably determined by the Maker, in consultation with the Noteholder, and notified to the Noteholder in writing by the Maker, which shall represent an alternative benchmark rate, and related adjustments, as applicable, then prevailing for U.S. dollar-denominated credit facilities as a replacement for 1-month LIBOR, it being agreed in any event that the Maker and the Noteholder will negotiate promptly and in good faith to establish the Replacement Benchmark Rate, together with related administrative, technical and conforming changes to the provisions of this Note, by mutual agreement, upon the reasonable request of either the Maker or the Noteholder, in advance of any date when the Published LIBO Rate would be unavailable or cease to represent a prevailing benchmark interest rate under U.S. dollar-denominated credit facilities; provided, that on and from the date that the Published LIBO Rate is no longer available until such time as the Maker and Noteholder have agreed an alternate benchmark rate as set forth above, the “Replacement Benchmark Rate” shall be the sum of the Published LIBO Rate for each of the months in the six (6) month period immediately preceding the LIBO Termination Date, divided by six (6) (as determined in good faith by the Maker).

Examples of Replacement Benchmark Rate in a sentence

The Agent will provide notice to the Borrower of the Replacement Benchmark Rate, any margin adjustment, and the Adjusted Benchmark Rate, as applicable, and their effective date.
In connection with the use, administration, adoption or implementation of a Replacement Benchmark Rate, including any Adjusted Benchmark Rate, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary in the Amended Agreement or Amended Documents, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party.
If the Agent designates a Replacement Benchmark Rate, the Agent may also determine at such time, or from time to time thereafter, that a margin adjustment is necessary to produce a comparable interest rate to the interest rate that would have applied based on Term SOFR.
Notwithstanding the foregoing, if all or any portion of any Committed Loan is hedged by a Swap Transaction for which the ISDA Definitions apply, the Replacement Benchmark Rate shall be the sum of the successor rate and any applicable spread adjustment that would apply for derivatives transactions referencing the ISDA Definitions upon the occurrence of an index cessation effective date with respect to the relevant floating rate under the ISDA Definitions applicable to such Swap Transaction.
Upon such determination, the Agent will designate the amount of such margin adjustment (which may be a positive or a negative number added to the Replacement Benchmark Rate) (and the result will be the “Adjusted Benchmark Rate”).

More Definitions of Replacement Benchmark Rate

Replacement Benchmark Rate as defined in Section 2.11(a).

Replacement Benchmark Rate means a benchmark rate which is selected by the Bank in its sole discretion and implemented in accordance with this Clause as an appropriate successor to LIBOR and taking into account any rate:

Replacement Benchmark Rate means, in respect of a Benchmark Rate, an index, benchmark or other price source that the Calculation Agent determines to be a commercially reasonable alternative for such Reference Rate, provided that the Replacement Benchmark Rate must be (i) a Priority Fallback Benchmark; (ii) an Alternative Pre-nominated Index; (iii) an Alternative Post-nominated Index; or (iv) a Calculation Agent Nominated Replacement Index.

Replacement Benchmark Rate means, in respect of a Series and a Benchmark Rate:

Replacement Benchmark Rate means a DS Benchmark Replacement Rate or a TS Benchmark Replacement Rate.

Replacement Benchmark Rate means the first alternative set forth below that can be determined by and is administratively feasible to the Lender: