Replacement Benchmark Rate definition

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;
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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).
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Replacement Benchmark Rate as defined in Section 2.11(a).
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Examples of Replacement Benchmark Rate in a sentence

  • On or after the occurrence of a Benchmark Rate Replacement Event, the Dividend Rate shall be the Replacement Benchmark Rate once determined by the Calculation Agent and announced via SENS.

  • Any Notice of Borrowing which has been delivered to the Administrative Agent requesting a SOFR Loan on a day on or subsequent to the effective date of such notification will be deemed to request instead a Loan in US dollars in the same amount bearing interest on the basis of the Replacement Benchmark Rate.

  • If the Replacement Benchmark Rate is determined to be an Alternative Post-nominated Benchmark Rate, the Calculation Agent shall specify a date on which the index, benchmark or other price source was recognised or acknowledged as being the relevant industry standard (which may be before such index, benchmark or other price source commences) in the notice to the Noteholders specifying the Replacement Benchmark Rate.

  • The Borrower will not be entitled to obtain any SOFR (TS) Loan from CIBC based on the Term SOFR Rate or Adjusted Term SOFR Rate, as the case may be, so long as any of the circumstances set out in this Section continue to exist, and any Loan that would otherwise have been made by CIBC as a SOFR (TS) Loan shall instead be made as a Loan in US Dollars bearing interest on the basis of the TS Replacement Benchmark Rate.

  • If the Replacement Benchmark Rate would at any time be less than the Floor, the Replacement Benchmark Rate will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

  • If the Replacement Benchmark Rate would at any time be less than 1.50%, the Replacement Benchmark Rate will be deemed to be 1.50% for the purposes of this Agreement and the other Loan Documents.

  • Any Notice of Borrowing which has been delivered to CIBC requesting a SOFR (DS) Loan on a day on or subsequent to the effective date of such notification will be deemed to request instead a Loan in US dollars in the same amount bearing interest on the basis of the DS Replacement Benchmark Rate.

  • The FBMKLCI started the month flat, as the market lacked catalysts.

  • A Benchmark Transition Event has occurred and a Replacement Benchmark Rate has not yet been chosen and implemented by CIBC in accordance with Sections 13.7 and 13.8 below, then CIBC shall be entitled to give notice thereof (by telephone to be confirmed the same day in writing) or by Electronic Communication to the Borrower.

  • The Borrower will not be entitled to obtain any SOFR (DS) Loan from CIBC based on the Daily SOFR Rate or Adjusted Daily SOFR Rate so long as any of the circumstances set out in this Section continue to exist, and any Loan that would otherwise have been made by CIBC as a SOFR (DS) Loan shall instead be made as a Loan in US Dollars bearing interest on the basis of the DS Replacement Benchmark Rate.


More Definitions of Replacement Benchmark Rate

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:
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Replacement Benchmark Rate means, in respect of a Series and a Benchmark Rate:
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Replacement Benchmark Rate means a DS Benchmark Replacement Rate or a TS Benchmark Replacement Rate.
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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.
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Related to Replacement Benchmark Rate

  • Replacement Benchmark means a benchmark rate which is:

  • Alternative Benchmark Rate means an alternative benchmark or screen rate which is customarily applied in international debt capital markets transactions for the purposes of determining floating rates of interest (or the relevant component part thereof) in the Specified Currency, provided that all determinations will be made by the Independent Adviser in its reasonable discretion.

  • 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.

  • Original Benchmark Rate on any day means the 3-months Euro Interbank Offered Rate (expressed as a percentage rate per annum) fixed at, and appearing on, the Screen Page as of 11:00 a.m. (Brussels time) on such day.

  • Successor Benchmark Rate means a successor to or replacement of the Original Benchmark Rate which is formally recommended by any Relevant Nominating Body.

  • Replacement Rate has the meaning assigned thereto in Section 4.2.(b).

  • Benchmark Replacement Adjustment means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

  • Mid-Swap Floating Leg Benchmark Rate means EURIBOR (if the Specified Currency is euro), LIBOR for the Specified Currency (if the Specified Currency is U.S. dollars, Pounds Sterling or Swiss Francs), CIBOR (if the Specified Currency is Danish Kroner), NIBOR (if the Specified Currency is Norwegian Kroner), STIBOR (if the Specified Currency is Swedish Kronor) or (in the case of any other Specified Currency) the benchmark rate most closely connected with such Specified Currency and selected by the Calculation Agent in its discretion after consultation with the Issuer;

  • SBI 1 Year MCLR Rate means 1 year Marginal Cost of Funds Based Lending Rate (MCLR) fixed by State Bank of India (SBI) / any replacement thereof by SBI for the time being in effect applicable for 1 year period, as on 1st April of the respective financial year in accordance with regulations and guidelines of Reserve Bank of India. In absence of such rate, any other arrangement that substitutes such rate as mutually agreed to by the Parties.

  • Benchmark Replacement Date means the earliest to occur of the following events with respect to the then-current Benchmark:

  • Replacement Reference Rate means a reference rate which is:

  • Blended Rate means, with respect to any Taxable Year, the sum of the effective rates of tax imposed on the aggregate net income of the Corporate Taxpayer in each state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by the Corporate Taxpayer in such jurisdiction for such Taxable Year, and (ii) the maximum applicable corporate tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate tax rates in effect in such states in such Taxable Year are 6% and 5%, respectively and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable Year is equal to 5.6% (i.e., 6% times 60% plus 5% times 40%).

  • LIBOR Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents.

  • 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:

  • LIBOR Replacement Date has the meaning specified in Section 3.03(c).

  • Fixed Interest Period means the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date; and

  • Relevant Benchmark means the Index, the Reference Interest Rate and any other index, benchmark or price source by reference to which principal or other amounts payable under the Securities is calculated.

  • Three-Month LIBOR Rate means the rate determined in accordance with the following provisions:

  • Alternative Base Rate means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods.

  • Unadjusted Benchmark Replacement means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

  • Benchmarked Rates means the Framework Prices for the Benchmarked Goods and/or Services

  • Adjusted LIBOR Rate means, at any time with respect to any LIBOR Loan, a rate per annum equal to the LIBOR Rate as in effect at such time plus the Applicable Margin Percentage for LIBOR Loans as in effect at such time.

  • SOFR-Based Rate means SOFR or Term SOFR.

  • Fixed Rate Interest Period means the period beginning on (and including) the Issue Date and ending on (but excluding) the first Fixed Rate Interest Payment Date, and each successive period beginning on (and including) a Fixed Rate Interest Payment Date and ending on (but excluding) the next succeeding Fixed Rate Interest Payment Date.

  • One Month LIBOR Rate means, with respect to any interest rate calculation for a Loan or other Obligation bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/16th of one percent (0.0625%)) of (i) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by Administrative Agent on the applicable day (provided that if such day is not a Eurodollar Banking Day for which a Eurodollar Rate is quoted, the next preceding Eurodollar Banking Day for which a Eurodollar Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for Dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (ii) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (i) of the preceding sentence, the rate to be used in clause (i) shall be, at Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest one-sixteenth (1/16) of one percent (0.0625%)), (1) the rate per annum at which Dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (2) the rate at which Dollar deposits are offered to the Administrative Agent in, or by Xxxxx Fargo to major banks in, any offshore interbank eurodollar market selected by Administrative Agent, in each case on the applicable day (provided that if such day is not a Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market, the next preceding Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Each determination by Administrative Agent pursuant to this definition shall be conclusive absent manifest error.

  • Term Benchmark when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate.