Common use of Benchmark Discontinuation Clause in Contracts

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.

Benchmark Discontinuation. This Condition 4.3 is applicable if the Covered Bonds are Floating Rate Covered BondsBonds 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. 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.