Laserfiche WebLink
5 <br />“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth <br />in the order below that can be determined by BSBY Rate Calculation Agent for the applicable <br />Benchmark Replacement Date: <br />(a) the sum of (i) Term SOFR and (ii) the related Benchmark Replacement <br />Adjustment; <br />(b) the sum of (i) Daily Simple SOFR and (ii) the related Benchmark Replacement <br />Adjustment; or <br />(c) the sum of (i) the alternate benchmark rate that has been selected by BSBY Rate <br />Calculation Agent as the replacement for such Available Tenor of such Benchmark giving due <br />consideration to any evolving or then-prevailing market convention for determining a benchmark <br />rate and an adjustment as a replacement for the then-current Benchmark, including any <br />recommendations made by a Relevant Governmental Body, for Dollar-denominated tax exempt <br />bond facilities at such time and (ii) the related Benchmark Replacement Adjustment; provided, <br />that any such Benchmark Replacement shall be administratively feasible as determined by BSBY <br />Rate Calculation Agent in its sole discretion. If the Benchmark Replacement as determined <br />pursuant to clause (a), (b) or (c) above would be less than the Floor, such Benchmark Replacement <br />will be deemed to be the Floor for the purposes of the Agreement, the Indenture, the Notes (as <br />such term is defined in the Indenture) and the other documents relating thereto. <br />“Benchmark Replacement Adjustment” means, with respect to any replacement of the <br />then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable <br />Available Tenor for any setting of such Unadjusted Benchmark Replacement, the first alternative <br />set forth in the order below that can be determined by the BSBY Rate Calculation Agent: <br />(a) if the then-current Benchmark is BSBY, an adjustment (which may be a positive or <br />negative value or zero) equal to the BSBY Long-Term Spread Adjustment for such Corresponding <br />Tenor as of the Reference Time such Benchmark Replacement is first set and is displayed on a <br />screen or other information service that publishes such adjustment from time to time as selected <br />by BSBY Rate Calculation Agent; and <br />(b) an adjustment (which may be a positive or negative value or zero), that has been <br />selected by BSBY Rate Calculation Agent as the replacement for such Available Tenor giving <br />due consideration to any evolving or then-prevailing market convention for determining a spread <br />adjustment, or method for calculating or determining such spread adjustment, for the replacement <br />of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark <br />Replacement, including any applicable recommendations made by a Relevant Governmental <br />Body, for Dollar- denominated tax exempt bond facilities at such time; provided that, if the then- <br />current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the <br />applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement <br />that will replace such Benchmark in accordance with Part I of this Bond titled “Benchmark <br />Replacement Setting” will not be a term rate, the Available Tenor of such Benchmark for purposes <br />of Part I of this Bond titled “Benchmark Replacement Setting” shall be deemed to be the Available <br />Tenor that has approximately the same length (disregarding business day adjustments) as the <br />payment period for interest calculated with reference to such Unadjusted Benchmark Replacement.