Common use of Fallback provisions Clause in Contracts

Fallback provisions. Subject to Condition 3.2(d), where €STR is specified as the Reference Rate in the applicable Final Terms, if, in respect of any TARGET Business Day in the relevant Observation Period or the relevant Interest Period, as applicable, the Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Final Terms) determines that the €STR is not available, such €STR shall be the €STR for the first preceding TARGET Business Day in respect of which €STR was published on the Website of the European Central Bank, and €STR shall be interpreted accordingly. In the event that the Rate of Interest cannot be determined in accordance with the foregoing provisions, the Rate of Interest shall be:

Fallback provisions. Subject to Condition 3.2(d), where €STR is specified as the Reference Rate in the applicable Final Terms, if, in respect of any TARGET T2 Business Day in the relevant Observation Period or the relevant Interest Period, as applicable, the Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Final Terms) determines that the €STR is not available, such €STR shall be the €STR for the first preceding TARGET T2 Business Day in respect of which €STR was published on the Website of the European Central Bank, and €STR shall be interpreted accordingly. In the event that the Rate of Interest cannot be determined in accordance with the foregoing provisions, the Rate of Interest shall be: