Benchmark Transitional Provisions Sample Clauses

Benchmark Transitional Provisions. (a) If the U.S. Issuer or its designee (in consultation with the U.S. Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Callable Floating Rate Notes in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the U.S. Issuer or its designee (in consultation with the U.S. Issuer) is unable to or do not determine Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Callable Floating Rate Notes Interest Period will be equal to the interest rate in effect for the immediately preceding Callable Floating Rate Notes Interest Period or, in the case of the Interest Determination Date prior to the first Callable Floating Rate Notes Interest Payment Date, the initial rate of interest which would have been applicable to the Callable Floating Rate Notes for the first Callable Floating Rate Notes Interest Period had the Callable Floating Rate Notes been outstanding for a period equal in duration to the scheduled first Callable Floating Rate Notes Interest Period but ending on (and excluding) the Issue Date (and applying the Callable Floating Rate Notes Margin).