Benchmark Discontinuation Sample Clauses

Benchmark Discontinuation. This Condition 3.5 applies only if “Benchmark Discontinuation” is specified to be applicable in the applicable Final Terms or, in the case of Exempt Bonds, the applicable Pricing Supplement and where Screen Rate Determination is specified in the applicable Final Terms or, in the case of Exempt Bonds, the applicable Pricing Supplement as the manner in which the Rate of Interest is to be determined. (a) If a Benchmark Event occurs in relation to an Original Reference Rate when any Rate of Interest (or any component part thereof) remains to be determined by reference to such Original Reference Rate, then the Issuer shall use its reasonable endeavours to appoint and consult with an Independent Adviser, as soon as reasonably practicable, with a view to the Issuer determining a Successor Rate, failing which an Alternative Rate (in accordance with Condition 3.5(b)(ii)) and, in either case, an Adjustment Spread, if any (in accordance with Condition 3.5(c)) and any Benchmark Amendments (in accordance with Condition 3.5(d)). An Independent Adviser appointed pursuant to this Condition 3.5, shall act in good faith and (in the absence of fraud) shall have no liability whatsoever to the Issuer, the Paying Agents or the Holders for any determination made by it or for any advice given to the Issuer in connection with any determination made by the Issuer, pursuant to this Condition 3.5. (b) If the Issuer, following consultation with the Independent Adviser and acting in good faith, determines that: (i) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 3.5(c)) subsequently be used in place of the Original Reference Rate to determine the Rate of Interest (or the relevant component part thereof) for all future payments of interest on the Bonds (subject to the operation of this Condition 3.5); or (ii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 3.5(c)) subsequently be used in place of the Original Reference Rate to determine the Rate of Interest (or the relevant component part thereof) for all future payments of interest on the Bonds (subject to the operation of this Condition 3.5). (c) If the Issuer, following consultation with the Independent Adviser and acting in good faith, determines (A) that an Adjustment Spread is required to be applied to the Successor Rate or the Alternative Rate (as the case may be) and (B) the...

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. 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 4.4 is applicable to Notes only if the Floating Rate Note Provisions are specified in the form of Final Terms as being applicable.

Benchmark Discontinuation. 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.