Substitute Reference Rate definition

Substitute Reference Rate means a successor or replacement rate (expressed as a percentage rate per annum) of the Original Reference Rate nominated by the central bank, supervisory authority or supervisory or expert body of the financial sector established under public law or composed of publicly appointed members including any working group or committee chaired or co-chaired by or constituted at the request of the central bank or other supervisory authority, or nominated by any other third party that is generally recognised by the financial industry as being competent to nominate such rate, which succeeds or replaces the Original Reference Rate and which meets any applicable legal requirements for being used for determining the distributions scheduled to be paid under the Notes determined by the Independent Advisor or the Issuer (as the case may be) in its reasonable discretion.

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Substitute Reference Rate means a rate (expressed as a percentage rate per annum) provided by a third party and meeting any applicable legal requirements for being used for determining the payment obligations under the Notes determined by the Service Provider, on behalf of the Issuer, in its due discretion, as modified by applying the adjustments (e.g. in the form of premiums or discounts), if any, that may be determined by the Service Provider, on behalf of the Issuer, in its due discretion.

Substitute Reference Rate means the reference rate which: (i) is formally designated, selected or recommended as a substitute for EURIBOR by (I) the European Money Markets Institute (EMMI) (providing that the market or economic reality measured by the proposed reference rate is equal to that measured by EURIBOR); or

Examples of Substitute Reference Rate in a sentence

In the event that the fifth Business Day after the Creditors, through the Agent, have notified such modification to the Borrower; If the Creditors have not received, until that time, a written notification from the Borrower objecting to such substitution, it will be considered that the Borrower has accepted the replacement of the SOFR Term Rate with the Substitute Reference Rate.
No replacement of the Reference Rate with a Substitute Reference Rate under this Clause will occur prior to a SOFR Forward Reference Rate Transition Event having occurred.
The Creditors will notify the Borrower in writing as soon as possible: (a) the implementation of any Substitute Reference Rate and (b) the entry into force of any Consistency Modifications in relation to the use, administration, adoption or implementation of a Substitute Reference Rate.
In connection with the use, administration, adoption or implementation of a Substitute Reference Rate, the Creditors will have the right to make Consistency Modifications, from time to time and, without prejudice to any provision to the contrary contained in this Agreement.
Creditors and their Affiliates or related entities may enter into transactions that affect the calculation of the SOFR Rate or the SOFR Term Rate or the SOFR Term Reference Rate or any other alternative, successor or substitute rate (including any Substitute Reference Rate) or any adjustments corresponding to them, in each case, that adversely affect the Borrower.
In the event of a SOFR Term Reference Rate Transition Event, the parties hereby expressly agree to modify this Agreement and substitute any Note entered into to replace the SOFR Term Rate with the Substitute Reference Rate, with effects from the occurrence of a Term SOFR Rate Transition Event.

More Definitions of Substitute Reference Rate

Substitute Reference Rate means, in relation to any SOFR Term Reference Rate Transition Event, the sum of: (a) the substitute reference rate that has been agreed upon by the Creditors and the Borrower, through the notification of the Creditors and the non-objection of the Borrower in terms of the Fifth Clause of this Agreement taking into consideration (i) any selection or recommendation of a substitute reference rate or the mechanism to determine such rate by the Government Body; or (ii) any market usage that is developing or prevailing for the purposes of determining a reference rate as a substitute rate with respect to the current Reference Rate for credits denominated in Dollars plus (b) the adjustment in the margin or method, in It is understood that to calculate or determine such adjustment in the margin (which may be positive, negative or zero) to such substitute reference rate that has been selected by the Creditors, they will take into consideration: (x) any selection or recommendation of a margin adjustment or the mechanism to determine such margin adjustment, for the replacement of such Reference Rate with a Substitute Reference Rate not adjusted by the Government Body; or (y) any market usage developing or prevailing for the purposes of determining the margin adjustment or the mechanism for determining such margin adjustment, for the replacement of such Reference Rate with an unadjusted Substitute Reference Rate for syndicated or bilateral loans denominated in Dollars. The foregoing with the understanding that, in the event that such Substitute Reference Rate, as determined, is less than zero, such Substitute Reference Rate will be considered zero for the purposes of this Agreement.

Substitute Reference Rate means the reference rate which:

Substitute Reference Rate means a substitute, alternative or successor rate (expressed as a percentage rate per annum) (i) nominated by the central bank, supervisory authority or supervisory or