Calculation Agent Benchmark Determination Sample Clauses
The 'Calculation Agent; Benchmark Determination' clause designates a party responsible for calculating key financial values and determining relevant benchmarks under the agreement. Typically, this agent may be a bank or other financial institution, and their duties include selecting or confirming interest rates, currency exchange rates, or other reference values used to settle payments or obligations. This clause ensures that there is a clear, authoritative process for determining critical financial metrics, thereby reducing disputes and providing certainty for both parties.
POPULAR SAMPLE Copied 1 times
Calculation Agent Benchmark Determination. (a) The Issuer agrees that for so long as there is an Outstanding Amount of the Floating Rate Notes and the Benchmark is 30-Day Average SOFR, there shall be an agent appointed to obtain the 30-Day Average SOFR for each Interest Period (the “Calculation Agent”). The Issuer appoints the Indenture Trustee as Calculation Agent for the purposes of (i) obtaining 30-Day Average SOFR from the FRBNY Website, as indicated herein, for each Interest Period, and (ii) providing the same to the Administrator to calculate the interest rate for the Floating Rate Notes as described herein; and the Indenture Trustee hereby accepts such appointment. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer shall promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign without a replacement having been duly appointed. The Calculation Agent will obtain 30-Day Average SOFR for each Interest Period by referring to the applicable published source and will provide the same to the Administrator to calculate the interest rate on the Floating Rate Notes.
(b) The interest rate for the Floating Rate Notes will vary with the related Benchmark, which initially will be 30-Day Average SOFR. The Calculation Agent will obtain 30-Day Average SOFR and the Administrator will calculate the Interest Rate for the Class A-2b Notes using the method described herein. If the Benchmark is 30-Day Average SOFR, on each Benchmark Determination Date, the Calculation Agent shall notify the Servicer, the Administrator, the Indenture Trustee and the Issuer of the Benchmark for the related Interest Period by email on the Business Day following the date the rate is obtained. If the Benchmark is any rate other than 30-Day Average SOFR, on each Benchmark Determination Date, the Administrator shall notify the Servicer, the Issuer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Administrator, as applicable, and all calculations of interest on the Floating Rate Notes by the Administrator, in the absence of manifest error, shall be conclusive and binding on the Noteholders for all purposes. If a published 30-Day Average SOFR rate is unavailable on a Benchmark Determination Date while the Benchmark is 30-Day Average SOFR, then the 30-Day Average SOFR rate will be 30-...
Calculation Agent Benchmark Determination. (a) The Issuer agrees that for so long as the Class A-2-B Notes are Outstanding and the Benchmark is LIBOR, there will be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer appoints the Trust Collateral Agent as Calculation Agent only for the purposes of determining LIBOR for each Interest Period and the Trust Collateral Agent hereby accepts such appointment. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank engaged in transactions in Eurodollar deposits in the international Eurodollar market and not an Affiliate of the Issuer or its Affiliates. The Calculation Agent may not resign without a replacement having been duly appointed.
Calculation Agent Benchmark Determination