Screen Rate Determination. If Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the Notes for each Interest Period will be determined by the Calculation Agent on the following basis: (i) if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date; (ii) in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date; (iii) if, in the case of (i) above, such rate does not appear on that page or, in the case of (ii) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable, the Calculation Agent will: (A) request the principal Relevant Financial Centre office of each of the Reference Banks to provide a quotation of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the Relevant Financial Centre interbank market in an amount that is representative for a single transaction in that market at that time; and (B) determine the arithmetic mean of such quotations; and (iv) if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation 67 Agent, at approximately 11.00 a.m. (local time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so determined; PROVIDED, HOWEVER, THAT if the Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable to the Notes during such Interest Period will be the sum of the Margin and the rate or (as the case may be) the arithmetic mean last determined in relation to the Notes in respect of a preceding Interest Period.
Appears in 1 contract
Samples: Trust Deed (Intercontinental Hotels Group PLC /New/)
Screen Rate Determination. If Screen Rate Determination is specified in the relevant Final Terms Pricing Supplement as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the Notes for each Interest Period will be (other than in respect of Notes for which SOFR is specified as the Reference Rate in the relevant Pricing Supplement) determined by the Calculation Agent on the following basis:
(i) if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(ii) in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(iii) if, in the case of sub-paragraph (i) above, such rate does not appear on that page or, in the case of sub-paragraph (ii) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable, the Calculation Agent will:
(A) notify the Issuer, who will request the principal Relevant Financial Centre office of each of the Reference Banks to provide to the Calculation Agent a quotation of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the Relevant Financial Centre interbank market in an amount that is representative for a single transaction in that market at that time; and
(B) determine the arithmetic mean of such quotations; and
(iv) if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation 67 AgentIssuer, at approximately 11.00 a.m. (local time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so determined; PROVIDEDprovided, HOWEVERhowever, THAT that if the Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable to the Notes during such Interest Period will be the sum of the Margin and the rate or (as the case may be) the arithmetic mean last determined in relation to the Notes in respect of a preceding Interest Period.
Appears in 1 contract
Samples: Listing Document Disclaimer
Screen Rate Determination. If Screen Rate Determination is specified in the relevant Final Terms Pricing Supplement as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the Notes for each Interest Period will be determined by the Calculation Agent on the following basis:
(i) if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(ii) in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(iii) if, in the case of (i) above, such rate does not appear on that page or, in the case of (ii) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable, the Calculation Agent will:
(A) request the principal Relevant Financial Centre office of each of the Reference Banks to provide a quotation of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the Relevant Financial Centre interbank market in an amount that is representative for a single transaction in that market at that time; and
(B) determine the arithmetic mean of such quotations; and
(iv) if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation 67 Agent, at approximately 11.00 a.m. (local time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so determined; PROVIDEDprovided, HOWEVERhowever, THAT that if the Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable to the Notes during such Interest Period will be the sum of the Margin and the rate (or (as the case may be) the arithmetic mean last determined in relation to the Notes in respect of a preceding Interest Period.
Appears in 1 contract
Samples: Trust Deed (Upm Kymmene Corp)
Screen Rate Determination. If Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the The Rate of Interest applicable to the Notes for each Interest Period will (subject to Condition 9 (Benchmark Discontinuation)) be determined by the Calculation Agent on the following basis:
(ia) if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(iib) in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(iiic) if, in the case of (ia) above, such rate does not appear on that page or, in the case of (iib) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable, the Calculation Agent will:
(Ai) request the principal Relevant Financial Centre office of each of the Reference Banks to provide its quotation (expressed as a quotation percentage rate per annum) of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the Relevant Financial Centre interbank Euro Zone inter-bank market (if the Reference Rate is EURIBOR) in an amount that is representative for a single transaction in that market at that time; and
(Bii) determine the arithmetic mean of such quotations; and
(ivd) if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation 67 Agent, at approximately 11.00 a.m. (local time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so determined; PROVIDEDprovided, HOWEVERhowever, THAT that if the Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable to the Notes during such Interest Period will be the sum of the Margin and the rate or (as the case may be) the arithmetic mean last determined in relation to the Notes in respect of a preceding Interest Period.
Appears in 1 contract
Samples: Agency Agreement
Screen Rate Determination. If Where Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determinedapplicable Pricing Supplement, the rate of interest (the "Rate of Interest") payable from time to time in respect of the relevant Tranche of Floating Rate Notes denominated in any currency (the "Specified Currency") (other than Euro, which will be determined in accordance with the provisions of Condition 6(c)) will be determined on the basis of the following provisions:
(a) The Rate of Interest applicable to the Notes for each Interest Period will be determined by the Calculation Agent on the following basisshall, subject as provided below, be:
(i1) the rate, or
(2) if the Reference Rate is a composite quotation or customarily supplied by one entityat least two rates appear, the Calculation Agent will determine arithmetic mean (rounded, if necessary, to the Reference Rate which nearest fourth decimal place (0.00005 being rounded upwards)) of the offered rates, for deposits in the Specified Currency for a period equal to the Interest Period that appears or appear, as the case may be, on the Relevant Screen Page as appropriate page of the Relevant Time screen (as defined below) as at 11:00
a. m., London time, on the relevant Interest Determination Date;Date (as defined below) plus or minus (as appropriate) the Margin, if any, as determined by the Trustee.
(iib) in If, on any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;
(iii) if, in the case of (i) aboveno such offered rate appears, such rate does not appear on that page or, in the case of (ii) abovea screen that normally displays at least two rates for any relevant period, fewer than two of such offered rates appear on that page at such time or if, in either case, if the Relevant Screen Page is unavailable, the Calculation Agent will:
(A) request the principal Relevant Financial Centre office of each of the Reference Banks to provide a quotation of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the Relevant Financial Centre interbank market in an amount that is representative for a single transaction in that market at that time; and
(B) determine the arithmetic mean of such quotations; and
(iv) if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the offered rate or rates (being the nearest to the Reference Ratewhich appears or appear, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currencycase may be, selected by the Calculation 67 Agent, as at approximately 11.00 a.m. (local such time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency do not apply to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that timePeriod, and the Rate of Interest for such Interest Period shall shall, subject as provided below, be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so determined; PROVIDED(rounded, HOWEVERif necessary, THAT if to the Calculation Agent nearest fourth decimal place (0.00005 being rounded upwards)) of the rates at which the Trustee is unable to determine a rate or advised by all Reference Banks (as defined below) that deposits in the case may beSpecified Currency for a period equal to such Interest Period are offered by the Reference Banks to leading banks in the London interbank market as at 11:00 a.m., London time on the Interest Determination Date plus or minus (as appropriate) an arithmetic mean in accordance with the Margin, if any, all as determined by the Trustee.
(c) If on any such Interest Determination Date to which subparagraph (B) above provisions in relation to any Interest Periodapplies, two or three of the Reference Banks advise the Trustee of such rates, the Rate of Interest applicable to for the Notes during next Interest Period shall, subject as provided below, be determined as in subparagraph (B) above on the basis of the rates of those Reference Banks advising such rates.
(d) If on any such Interest Determination Date to which subparagraph (B) above applies only one or none of the Reference Banks advises the Trustee of such rates, the Rate of Interest for the next Interest Period will shall, subject as provided below, be the sum of the Margin and Reserve Interest Rate. The "Reserve Interest Rate" shall be the rate or per annum that the Trustee determines to be either (as the case may bex) the arithmetic mean last determined in relation (rounded, if necessary, to the Notes nearest fourth decimal place (0.00005 being rounded upwards)) of the lending rates for the Specified Currency that banks selected by the Trustee in respect the principal financial center of the country of the Specified Currency are quoting on the relevant Interest Determination Date for the next Interest Period to the Reference Banks or those of them (being at least two in number) to which such quotations are, in the opinion of the Trustee, being so made plus or minus (as appropriate) the Margin, if any, or (y) in the event that the Trustee can determine no such arithmetic mean, the lowest lending rate for the Specified Currency that banks selected by the Trustee in the principal financial center of the country of the Specified Currency are quoting on such Interest Determination Date to leading European banks for the next Interest Period plus or minus (as appropriate) the Margin, if any; provided that if the banks selected as aforesaid by the Trustee are not quoting as mentioned above, the Rate of Interest shall be the Rate of Interest in effect for the last preceding Interest Period to which subparagraphs (A), (B) and (C) above shall have applied (minus or plus (as appropriate), where a different Margin is to be applied to the next Interest Period from that which applied to the last preceding Interest Period, the Margin relating to that last preceding Interest Period, the Margin relating to that last preceding Interest Period, plus or minus (as appropriate) the Margin for the next Interest Period).
(1) The expression "the appropriate page of the screen" means such page, whatever its designation, on which London interbank offered rates or, if there is only one such rate, that rate for deposits in the Specified Currency offered by prime banks that are for the time being displayed on the Reuters Monitor Money Rates Services or the appropriate Dow Xxxxx Telerate Monitor as specified in the applicable Pricing Supplement.
(2) Unless otherwise specified in the applicable Pricing Supplement, the expression "the Interest Determination Date" means the second Business Day prior to the commencement of the relevant Interest Period.
Appears in 1 contract
Samples: Indenture (Banco Rio De La Plata)