Common use of Successor Rate or Alternative Rate Clause in Contracts

Successor Rate or Alternative Rate. Notwithstanding the provisions of Condition 6.2(b), if the Issuer, following consultation with an Independent Advisor (if appointed) pursuant to Condition 6.5(I)(a), determines in good faith that: (i) there is a Successor Rate, then such Successor Rate shall (as adjusted by the applicable Adjustment Spread determined as provided in Condition 6.5(I)(c)) 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 Notes (subject to the further operation of this Condition 6.5(I)), or (ii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (as adjusted by the applicable Adjustment Spread determined as provided in Condition 6.5(I)(c)) 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 Notes (subject to the further operation of this Condition 6.5(I)).

Successor Rate or Alternative Rate. Notwithstanding the provisions of Condition 6.2(b), if the Issuer, following consultation with an Independent Advisor (if appointed) Adviser pursuant to Condition 6.5(I)(a), determines 6.7(a) and acting in good faith and in a commercially reasonable manner, determines that a Benchmark Event has occurred and that: (i) there is a Successor Rate, then such Successor Rate shall (as adjusted by the applicable Adjustment Spread determined subject to adjustment as provided in Condition 6.5(I)(c6.7(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) thereof) for all relevant future payments of interest on the Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I)6.7), or (ii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (as adjusted by the applicable Adjustment Spread determined subject to adjustment as provided in Condition 6.5(I)(c6.7(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) thereof) for all relevant future payments of interest on the Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I)6.7).

Successor Rate or Alternative Rate. Notwithstanding the provisions of Condition 6.2(b), if the Issuer, following consultation with an Independent Advisor (if appointed) Adviser pursuant to Condition 6.5(I)(a), determines 6.7(a) and acting in good faith and in a commercially reasonable manner, determines that a Benchmark Event has occurred and that: (i) there is a Successor Rate, then such Successor Rate shall (as adjusted by the applicable Adjustment Spread determined as provided in Condition 6.5(I)(c6.7(c)) 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 Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I6.7)), ; or (ii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (as adjusted by the applicable Adjustment Spread determined as provided in Condition 6.5(I)(c6.7(c)) 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 Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I)6.7).

Successor Rate or Alternative Rate. Notwithstanding the provisions of Condition 6.2(b), if the Issuer, following consultation with an Independent Advisor (if appointed) Adviser pursuant to Condition 6.5(I)(a), determines 6.7(I)(a) and acting in good faith and in a commercially reasonable manner, determines that a Benchmark Event has occurred and that: (i) there is a Successor Rate, then such Successor Rate shall (as adjusted by the applicable Adjustment Spread determined subject to adjustment as provided in Condition 6.5(I)(c6.7(I)(c)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest Rate (or the relevant component part(s) thereof) for all relevant future payments of interest on the Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I6.7(I)), or (ii) there is no Successor Rate but that there is an Alternative Rate, then such Alternative Rate shall (as adjusted by the applicable Adjustment Spread determined subject to adjustment as provided in Condition 6.5(I)(c6.7(I)(c)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of Interest Rate (or the relevant component part(s) thereof) for all relevant future payments of interest on the Notes (subject to the further subsequent operation of of, and adjustment as provided in, this Condition 6.5(I6.7(I)).