Benchmark Discontinuation Sample Clauses
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Benchmark Discontinuation. If:
(i) the Notes are Fixed Reset Notes and Mid-Swap Rate is specified in the applicable Final Terms as the Reset Reference Rate; or
(ii) the Notes are Floating Rate Notes and Screen Rate Determination is specified in the applicable Final Terms as being the manner in which the Rate of Interest is to be determined, then the provisions of this Condition 4(d) shall apply. If, notwithstanding the provisions of Condition 4(c)(ii)(B) (in the case of Floating Rate Notes) or Condition 4(b) (in the case of Fixed Reset Notes), the Principal Paying Agent or, as the case may be, the VP Agent, or any other party responsible for calculating the Rate of Interest, determines (in consultation with the Issuer) that a Benchmark Event has occurred in relation to an Original Reference Rate when any Rate of Interest (or any component thereof) remains to be determined by reference to such Original Reference Rate, then the following provisions shall apply:
(i) the Issuer shall use reasonable endeavours to appoint an Independent Adviser to determine:
(A) a Successor Reference Rate; or
(B) if such Independent Adviser fails so to determine a Successor Reference Rate, an Alternative Reference Rate, and, in each case, the applicable Adjustment Spread (in any such case, acting in good faith and in a commercially reasonable manner) no later than the relevant IA Determination Cut-off Date, for the purposes of determining the Rate of Interest (or the relevant component part thereof) applicable to the Notes for the next relevant Interest Period or Reset Period (as applicable) and for all other future relevant Interest Periods or Reset Periods (as applicable) (subject to the subsequent operation of this Condition 4(d) during any other future Interest Period(s) or Reset Period(s) (as applicable));
(ii) if the Issuer is unable to appoint an Independent Adviser, or the Independent Adviser appointed by the Issuer fails to determine a Successor Reference Rate or an Alternative Reference Rate (as applicable) and, in either case, the applicable Adjustment Spread prior to the relevant IA Determination Cut-off Date, the Issuer (acting in good faith and in a commercially reasonable manner) may determine:
(A) a Successor Reference Rate; or
(B) if the Issuer fails so to determine a Successor Reference Rate, an Alternative Reference Rate, and, in each case, the applicable Adjustment Spread no later than the relevant Issuer Determination Cut- off Date, for the purposes of determining the Rate of Interest...
Benchmark Discontinuation. Notwithstanding the provisions in Condition 4(b) above, if the Issuer determines that a Benchmark Event has occurred in relation to an Original Reference Rate when any Rate of Interest (or any component part thereof) remains to be determined by reference to that Original Reference Rate, then the following provisions of this Condition 4(c) shall apply.
Benchmark Discontinuation. On the occurrence of a Benchmark Event, the relevant Issuer may (subject to certain conditions and following consultation with an Independent Adviser) determine a Successor Rate, failing which an Alternative Rate and, in either case, an Adjustment Spread, if any, and any Benchmark Amendments in accordance with Condition 4(b)(iii).
Benchmark Discontinuation. This Condition 4.4 is applicable to Notes only if the Floating Rate Note Provisions are specified in the form of Final Terms as being applicable.
Benchmark Discontinuation. Notwithstanding the provisions above in this Condition 5.2, if the relevant Issuer, in consultation with the party responsible for determining the Rate of Interest (being the Principal Paying Agent, the Calculation Agent or such other party specified in the applicable Final Terms, as applicable), determines that a Benchmark Event occurs in relation to an Original Reference Rate at any time when the Conditions provide for any Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions shall apply.
Benchmark Discontinuation. If a Benchmark Event occurs in relation to an Original Reference Rate at any time when the Conditions provide for any remaining Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions apply:
Benchmark Discontinuation. This Condition 3(d) applies only if “Benchmark Replacement” is specified to be “Applicable” in the applicable Final Terms. If a Benchmark Event occurs in relation to an Original Reference Rate at any time when the Terms and Conditions of any Notes provide for any remaining Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions apply:
Benchmark Discontinuation. Notwithstanding the provisions in Conditions 4.2 or 4.3, as the case may be, above, (in the case of Floating Rate Notes other than where the Reference Rate is specified in the applicable Final Terms as being Compounded Daily SOFR, in which case the provisions of this Condition 4.4 shall not apply), if the Bank determines that a Benchmark Event has occurred in relation to an Original Reference Rate when any Rate of Interest (or any component part thereof) remains to be determined by reference to that Original Reference Rate, then the following provisions of this Condition 4.4 shall apply.
Benchmark Discontinuation. SOFR
(1) the Reference Rate specified in the applicable Final Terms is either Compounded Daily SOFR or Average SOFR; and
(2) any Rate of Interest (or any component part thereof) remains to be determined by reference to the Benchmark, then the following provisions shall apply:
Benchmark Discontinuation. This Condition 4.3 is applicable if the Covered Bonds are Floating Rate Covered Bonds. Notwithstanding the provisions above in Condition 4.2, if a Benchmark Event occurs in relation to an Original Reference Rate at any time when these Conditions provide for any remaining Rate of Interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions of this Condition 4.3 shall apply.