Benchmark Replacement definition: Copy, customize, and use instantly
Introduction
The term "Benchmark Replacement" refers to a mechanism used in financial agreements to replace an existing benchmark rate, such as LIBOR or another index, when it becomes unavailable or unsuitable. This term is essential for ensuring that financial instruments continue to function smoothly even when the agreed-upon benchmark is no longer usable.
Below are various examples of how "Benchmark Replacement" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Benchmark Replacement" as an alternative rate
This definition ties "Benchmark Replacement" to an alternative reference rate.
"Benchmark Replacement" means an alternative rate or methodology established to replace the previous benchmark rate, which reflects prevailing market conditions and the specific needs of the parties involved.
Definition of "Benchmark Replacement" as a new reference rate
This definition connects "Benchmark Replacement" to a new reference rate.
"Benchmark Replacement" refers to the rate used to replace the existing benchmark rate, determined by an agreed-upon calculation method when the original benchmark is unavailable or deemed inappropriate.
Definition of "Benchmark Replacement" as a substitute rate
This definition links "Benchmark Replacement" to a substitute for the original benchmark.
"Benchmark Replacement" means a substitute rate or index to be applied in place of the existing benchmark rate if the original benchmark becomes unavailable, invalid, or materially changed.
Definition of "Benchmark Replacement" as a replacement rate
This definition applies "Benchmark Replacement" to a rate substitution.
"Benchmark Replacement" refers to the rate that will be used to replace the original benchmark rate, as specified by the terms of the agreement in the event of the benchmark's discontinuation or replacement.
Definition of "Benchmark Replacement" as an alternative benchmark rate
This definition ties "Benchmark Replacement" to an alternative benchmark.
"Benchmark Replacement" means an alternative benchmark rate determined in accordance with the relevant provisions of the agreement, to replace the prior benchmark rate in the event that it is no longer available.
Definition of "Benchmark Replacement" as a market-based rate
This definition connects "Benchmark Replacement" to a market-driven rate.
"Benchmark Replacement" refers to a market-based rate, such as a publicly available reference rate, that will be used to replace the original benchmark rate when it is no longer deemed representative or functional.
Definition of "Benchmark Replacement" as a rate replacement mechanism
This definition links "Benchmark Replacement" to a rate replacement procedure.
"Benchmark Replacement" means a procedure for replacing the original benchmark rate with an alternative rate, as set forth in the agreement, to ensure the continued applicability of the financial arrangement.
Definition of "Benchmark Replacement" as a replacement mechanism for an index
This definition connects "Benchmark Replacement" to an index replacement.
"Benchmark Replacement" refers to a mechanism by which a new index or rate is selected to replace the original benchmark when the latter becomes unavailable or unrepresentative of the market conditions.
Definition of "Benchmark Replacement" as a fallback rate
This definition applies "Benchmark Replacement" to a fallback scenario.
"Benchmark Replacement" means the fallback rate that will be used when the agreed-upon benchmark rate is no longer available, ensuring continuity of the financial arrangement.
Definition of "Benchmark Replacement" as an agreed-upon substitute rate
This definition links "Benchmark Replacement" to an agreed substitute rate.
"Benchmark Replacement" refers to a substitute rate that the parties to the agreement have mutually agreed upon, which will replace the original benchmark rate if it is no longer viable.
Definition of "Benchmark Replacement" as a rate to ensure contract continuity
This definition ties "Benchmark Replacement" to contract continuity.
"Benchmark Replacement" means a rate chosen to replace the original benchmark rate, ensuring the continued enforceability and financial equilibrium of the contract.
Definition of "Benchmark Replacement" as a rate based on economic conditions
This definition connects "Benchmark Replacement" to economic conditions.
"Benchmark Replacement" refers to a replacement rate that reflects prevailing economic conditions, selected to replace the benchmark rate if it is no longer an accurate reflection of the market.
Definition of "Benchmark Replacement" as an adjustment to the original rate
This definition links "Benchmark Replacement" to an adjustment.
"Benchmark Replacement" means an adjustment or modification to the original benchmark rate, implemented in cases where the original benchmark is unavailable or unfit for purpose.
Definition of "Benchmark Replacement" as a new reference rate determined by market sources
This definition connects "Benchmark Replacement" to market-based determination.
"Benchmark Replacement" refers to a reference rate determined by market sources, selected to replace the previous benchmark rate when the latter is no longer in use.
Definition of "Benchmark Replacement" as a rate based on an alternative methodology
This definition ties "Benchmark Replacement" to an alternative methodology.
"Benchmark Replacement" means a replacement rate based on an alternative methodology, chosen to replace the benchmark rate if the original is discontinued or no longer deemed appropriate.
Definition of "Benchmark Replacement" as a rate used when the original benchmark is unworkable
This definition connects "Benchmark Replacement" to unworkability.
"Benchmark Replacement" refers to a replacement rate applied when the original benchmark is unworkable or no longer reflects the conditions it was originally intended to measure.
Definition of "Benchmark Replacement" as a procedure for rate selection
This definition applies "Benchmark Replacement" to a selection process.
"Benchmark Replacement" means the procedure for selecting an alternative rate to replace the original benchmark when that benchmark becomes unavailable, invalid, or materially altered.
Definition of "Benchmark Replacement" as a rate determined by a specified process
This definition links "Benchmark Replacement" to a specified process.
"Benchmark Replacement" refers to the rate determined through a specified process outlined in the agreement, which will replace the original benchmark rate if necessary.
Definition of "Benchmark Replacement" as a replacement based on available benchmarks
This definition ties "Benchmark Replacement" to available benchmarks.
"Benchmark Replacement" means the replacement of the original benchmark rate with one based on available benchmarks or financial indicators when the original benchmark is discontinued.
Definition of "Benchmark Replacement" as an external reference rate
This definition connects "Benchmark Replacement" to external references.
"Benchmark Replacement" refers to an external reference rate, typically selected from available market-based rates, that will replace the original benchmark rate when the latter is no longer available.
Definition of "Benchmark Replacement" as a substitute in case of benchmark unavailability
This definition links "Benchmark Replacement" to unavailability.
"Benchmark Replacement" means a substitute rate that will be used when the original benchmark rate becomes unavailable or is otherwise no longer acceptable for use under the terms of the agreement.
Definition of "Benchmark Replacement" as a rate consistent with original terms
This definition ties "Benchmark Replacement" to consistency.
"Benchmark Replacement" refers to a replacement rate that aligns closely with the original terms of the agreement, ensuring that the substituted rate reflects the intent of the original benchmark.
Definition of "Benchmark Replacement" as an alternative to traditional rates
This definition connects "Benchmark Replacement" to traditional rate alternatives.
"Benchmark Replacement" means a rate that serves as an alternative to traditional benchmark rates, such as LIBOR, when these rates are no longer available or reliable.
Definition of "Benchmark Replacement" as a market-compliant rate
This definition links "Benchmark Replacement" to market compliance.
"Benchmark Replacement" refers to a rate that complies with current market standards, selected to replace an original benchmark rate when the latter is no longer deemed appropriate.
Definition of "Benchmark Replacement" as a pre-agreed replacement rate
This definition ties "Benchmark Replacement" to a pre-agreed rate.
"Benchmark Replacement" means a pre-agreed rate that will replace the original benchmark if the latter is no longer available, ensuring the financial contract remains intact.
Definition of "Benchmark Replacement" as a rate determined by a neutral party
This definition connects "Benchmark Replacement" to a neutral party.
"Benchmark Replacement" refers to a rate determined by a neutral third party, selected to replace the original benchmark rate in case it is no longer viable.
Definition of "Benchmark Replacement" as a rate selected by mutual agreement
This definition links "Benchmark Replacement" to mutual agreement.
"Benchmark Replacement" means a rate selected by mutual agreement between the parties involved, which will replace the original benchmark rate in the event of its unavailability.
Definition of "Benchmark Replacement" as a rate reflecting current financial conditions
This definition ties "Benchmark Replacement" to financial conditions.
"Benchmark Replacement" refers to a rate that reflects current financial conditions and will replace the original benchmark rate if it is no longer an accurate reflection of market conditions.
Definition of "Benchmark Replacement" as a rate specified by the agreement
This definition connects "Benchmark Replacement" to agreement specification.
"Benchmark Replacement" means the rate specified by the terms of the agreement to replace the original benchmark rate in case of discontinuation or material change.
Definition of "Benchmark Replacement" as a transparent alternative rate
This definition links "Benchmark Replacement" to transparency.
"Benchmark Replacement" refers to an alternative rate selected through a transparent process, to replace the original benchmark if it becomes unavailable or obsolete.
Definition of "Benchmark Replacement" as an automatic substitute rate
This definition applies "Benchmark Replacement" to an automatic substitute.
"Benchmark Replacement" means an automatically applied substitute rate, activated when the original benchmark rate is no longer valid, as outlined in the terms of the agreement.
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