Common use of Successor Rate or Alternative Rate Clause in Contracts

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (A) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)); or (B) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)).

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (A) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i4.2(h)); or (B) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i4.2(h)).

Successor Rate or Alternative Rate. If the Issuer, following consultation with the Independent Adviser and acting in good faith and in a commercially reasonable manner, determines that: (Ai) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4(b)(iii)(C)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject to the further subsequent operation of this Condition 4.2(i4(b)(iii)); or (Bii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4(b)(iii)(C)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject to the further subsequent operation of this Condition 4.2(i4(b)(iii)).

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (Ai) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4(b)(iii)(C)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for the relevant Interest Period and all relevant future payments of interest on the VPS Notes following Interest Periods (subject to the further subsequent operation of this Condition 4.2(i)4(b)(iii) in the event of a further Benchmark Event affecting the Successor Rate); or (Bii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4(b)(iii)(C)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for the relevant Interest Period and all relevant future payments of interest on the VPS Notes following Interest Periods (subject to the further subsequent operation of this Condition 4.2(i)4(b)(iii) in the event of a further Benchmark Event affecting the Alternative Rate).

Successor Rate or Alternative Rate. If the Issuer, following consultation with the Independent Adviser and acting in good faith and in a commercially reasonable manner, determines that: (Ai) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.5(c), if applicable) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)4.5); or (Bii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.5(c), if applicable) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)4.5).

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (Ai) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.4(c) (Adjustment Spread)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)4.4); or (Bii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii)4.4(c) (Adjustment Spread) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)4.4).

Successor Rate or Alternative Rate. If the Independent Adviser or the Issuer, as applicable (in accordance with Condition 4.2(h)(i)), determines that: (A) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i4.2(h)); or (B) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i4.2(h)).

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (A) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as adjusted by the applicable Adjustment Spread as provided in Condition 4.2(i)(iii5.2(h)(iii)) shall subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i5.2(h)); or (B) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as adjusted by the applicable Adjustment Spread as provided in Condition 4.2(i)(iii5.2(h)(iii)) shall subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i5.2(h)).

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (A) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i4.2(h)); or (B) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.2(h)(iii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)).4.2(h)).‌

Successor Rate or Alternative Rate. If the Independent Adviser determines that: (Ai) there is a Successor Rate, then such Successor Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii4.4(c) (Adjustment Spread)) subsequently be used in place plac e of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject subjec t to the further operation of this Condition 4.2(i)4.4); or (Bii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (subject to adjustment as provided in Condition 4.2(i)(iii)4.4(c) (Adjustment Spread) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) Rate of Interest (or the relevant component part(s) part thereof) for all relevant future payments of interest on the VPS Notes (subject to the further operation of this Condition 4.2(i)4.4).