Alternative Reference Rate Sample Clauses

The Alternative Reference Rate clause defines the process for selecting a new benchmark interest rate if the original reference rate (such as LIBOR) becomes unavailable or is discontinued. Typically, this clause outlines the criteria for choosing a replacement rate, the method for making necessary adjustments to maintain economic equivalence, and the parties responsible for determining the new rate. Its core function is to ensure continuity and certainty in financial contracts by providing a clear mechanism for adapting to changes in widely used reference rates, thereby minimizing disruption and disputes.
Alternative Reference Rate. If the Asset Manager determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, then upon delivery of written notice by the Asset Manager to the Issuer, the Trustee (who shall forward such notice to the Holders of the Notes at the direction of the Asset Manager) and the Calculation Agent, the Alternative Reference Rate will replace the then-current Benchmark for all purposes relating to the transactions under this Indenture in respect of such determination on such date and all determinations on all subsequent dates. A supplemental indenture shall not be required in order to adopt an Alternative Reference Rate.
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Alternative Reference Rate. In the event that during the seven (7) - day period prior to an INTEREST RATE SETTING DATE, the REFERENCE RATE cannot be determined for any reason or the difference between the REFERENCE RATE and the PHIBOR be equal or greater than 200 basis points, then the applicable interest rate for the INTEREST PERIOD shall be based on the ALTERNATIVE REFERENCE RATE plus the SPREAD.
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Alternative Reference Rate. (a) If for any reason in respect of any Funding Period only one or no rates are displayed on the LIBOR01 page of the Reuters screen for a term equivalent to that Funding Period or that page of the screen is not available, then the Reference Rate for that Funding Period shall be the simple average (rounded if necessary to the nearest five decimal places) of the rates quoted to the Lender by each of the Reference Banks as the rate at which that bank, at approximately 11.00 a.m. on the day on which the relevant LIBOR rates would otherwise have been displayed for the relevant value date, would offer prime banks in the London interbank market a deposit in a principal amount and term substantially equal to the principal amount and Funding Period of the relevant Segment. (b) If in respect of a Segment: (i) the Lender is unable to determine LIBOR for the relevant Funding Period by reason of the failure of at least two of the Reference Banks to supply the quotations necessary to enable such determination to be made; or (ii) by reason of circumstances affecting the London interbank market, LIBOR materially differs from the Lender's cost of funding that Segment, then: (iii) the Lender shall promptly give notice to the Borrower: (iv) the Lender and the Borrower shall negotiate in good faith with a view to agreeing on a reasonably comparable reference rate for that Segment having regard, inter alia, to the rates (if any) at which the Reference Banks would offer prime banks in the London interbank market a deposit in a principal amount and term substantially equal to the principal amount and Funding Period of that Segment; (v) if the Lender and the Borrower so agree within ten Business Days of the date of the notice referred to in paragraph (iii), then the Reference Rate applying retroactively to that Segment shall be the reference rate so agreed; (vi) if the Lender and the Borrower fail so to agree, the Reference Rate applying retroactively in respect of that Segment shall be the rate that the Lender in its reasonable opinion immediately determines to be a rate which represents its cost of funding that Segment for the relevant Funding Period and the Lender shall notify the Borrower immediately of that rate; and (vii) at any time within twenty Business Days after receiving a notice pursuant to paragraph (vi), the Borrower may, upon giving five Business Days' notice to the Lender, prepay that Segment together with accrued interest thereon and an amount (if any) which rea...
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Related to Alternative Reference Rate

  • Base Rate The greater of (a) the fluctuating annual rate of interest announced from time to time by the Agent at the Agent’s Head Office as its “prime rate” or (b) one half of one percent (0.5%) above the Federal Funds Effective Rate. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Any change in the rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate becomes effective, without notice or demand of any kind.

  • Replacing USD LIBOR On March 5, 2021, the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month USD LIBOR tenor settings. On the earliest of (i) July 1, 2023, (ii) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (iii) the Early Opt-in Effective Date, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action by or consent of any other party to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

  • Mandate Rate The Mandate Rate shall be based upon the monthly average of the net assets of the funds in the Equity asset class, as indicated on Master Schedule A to Management Contracts, as may be updated from time to time, which is hereby incorporated by reference into this Contract, (computed in the manner set forth in the Trust’s Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month. The Mandate Rate may vary by class. The Mandate Rate shall be determined on a cumulative basis pursuant to the schedule set forth in Schedule 1 of this Contract.

  • Applicable Margin On the Third Amendment Effective Date and thereafter, the Applicable Margin with respect to the Term Loan D Loans shall be for Base Rate Advances, 1.50%, and for LIBOR Advances, 2.50%. The Applicable Margin with respect to the Term Loan D Loans shall be subject to reduction or increase, as applicable, and as set forth in the tables below, based upon the Borrower Leverage Ratio and the Senior Leverage Ratio set forth on a pro forma basis in any Request for Advance and as reflected in the financial statements required to be delivered for the fiscal quarter most recently ended pursuant to Section 6.1 or Section 6.2 hereof; provided that the Applicable Margins set forth in the tables below shall be increased by 25 bps at any time when the Senior Leverage Ratio is greater than 2.5 to 1.0. The adjustment provided for in this Section 2.3(f)(ii) shall be effective (A) with respect to an increase of the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) the day on which financial statements are required to be delivered to the Administrative Agent pursuant to Sections 6.1 and 6.2 hereof, as the case may be, and (B) with respect to a decrease in the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) except with respect to Interest Periods ending (or other payments of interest occurring) before the date that such financial statements are actually delivered to the Administrative Agent, the day on which such financial statements are required to be delivered to the Administrative Agent pursuant to Section 6.1 or 6.2 hereof. Notwithstanding the foregoing, if the Borrower shall fail to deliver financial statements within forty-five (45) days after the end of any of the first three fiscal quarters of the Borrower’s fiscal year (or within ninety (90) days after the end of the last fiscal quarter of the Borrower’s fiscal year), as required by Sections 6.1 or 6.2 hereof, it shall be conclusively presumed that the Applicable Margin is based upon a Borrower Leverage Ratio equal to the highest level set forth in the table below and a Senior Leverage Ratio greater than 2.5 to 1.0 for the period from and including the forty-sixth (46th) day (or ninety-first (91st) day, in the case of the last quarter) after the end of such fiscal quarter, as the case may be, to the Business Day following the delivery by the Borrower to the Administrative Agent of such financial statements: Greater than 4.00 to 1.00 1.50% 2.50% Less than or equal to 4.00 to 1.00 1.25% 2.25%

  • Negotiation of alternative rate of interest If the Agent’s notice under Clause 5.6 is served after an Advance is made, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 5.6 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution to the relevant Advance or Advances during the Interest Period concerned.