Examples of Mid-Swap Rate in a sentence
On the First Reset Date, the Second Reset Date (if applicable) and each Subsequent Reset Date (if any) thereafter, the interest rate will be reset to the sum of (i) the applicable Mid-Swap Rate, Benchmark Gilt Rate or Reference Bond Rate and (ii) the First Margin or Subsequent Margin (as applicable) as determined by the Calculation Agent on the relevant Reset Determination Date (each such interest rate, a “Subsequent Reset Rate”).
This Condition 5.3(b) applies only if the Reset Reference Rate is specified in the applicable Final Terms as Mid-Swap Rate.
This Condition 6(b)(ii) only applies if the Reset Reference Rate is specified in the applicable Final Terms or the Drawdown Prospectus (as the case may be) as Mid-Swap Rate.
On the Reset Date, the interest rate will be reset to the sum of (i) the applicable Mid-Swap Rate, Benchmark Gilt Rate, Reference Bond Rate or U.S. Treasury Rate and (ii) the Margin, as determined by the Calculation Agent on the Reset Determination Date.
If on any Reset Determination Date the Relevant Screen Page is not available or the Mid-Swap Rate does not appear on the Relevant Screen Page (subject to Condition 3(f)), the Issuer shall request each of the Reference Banks (as defined below) to provide the Calculation Agent with its Mid-Market Swap Rate Quotation as at approximately 11.00 a.m. in the principal financial centre of the Specified Currency on the Reset Determination Date in question.