ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: • the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); • the Effective Date is the Interest Commencement Date; • the Floating Rate Option is as specified in the applicable Final Terms; • the Designated Maturity, if applicable, is the period specified in the applicable Final Terms; • the Agent is the Calculation Agent; • the Calculation Periods are the Interest Periods; • the Payment Dates are the Interest Payment Dates; • the relevant Reset Date is the day specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; • the Calculation Amount is the principal amount of such Covered Bond; • the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and • the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Conven...
ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “
ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any, provided that in any circumstances under the ISDA definitions where the Calculation Agent would be required to exercise any discretion, including the selection of any Reference Banks and seeking quotations from Reference Banks, when calculating the relevant ISDA Rate, the relevant determinations(s) which require the Calculation Agent to exercise its discretion shall instead be made by the Issuer or its designee, acting, in each case, reasonably and in good faith. For purposes of this Condition 5.04, “
