Replacement of reference rates Vzorová ustanovení

Replacement of reference rates. Without prejudice to any other provisions of the Contract or respective Product Terms and Conditions, if one or more of the following events has occurred in relation to the published reference rates (e.g. EURIBOR, LIBOR) or other reference rates used in the Frame Agreement: (a) A public statement or publication of information by or on behalf of the regulatory supervisor of that reference rate administrator stating that said administrator has ceased or will cease to provide that reference rate permanently or indefinitely provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide that reference rate; (b) A public statement or publication of information by or on behalf of that reference rate administrator stating that said administrator has ceased or will cease to provide that reference rate permanently or indefinitely provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide that reference rate; (c) A public statement by the supervisor of that reference rate administrator that, in its view, that reference rate is no longer representative, or will no longer be representative, of the underlying market it purports to measure and no action to remediate such a situation is taken or expected to be taken as required by the supervisor of that reference rate administrator; (d) It has become, for any reason, unlawful under any law or regulation applicable to the contractual parties of this Frame Agreement to use that reference rate. (e) The reference rate is permanently no longer published without a previous official announcement by the competent authority or the administrator; The Replacement Reference Rate will replace that reference rate. Such Replacement Reference Rate will become effective on the date the reference rate ceases or becomes non-representative or as determined by the Bank. The Bank will calculate a spread adjustment to reduce or eliminate any transfer of economic value from one contractual party to the other party as a result of the application of the Replacement Reference Rate and if any adjustment or method for calculating any spread adjustment has been formally determined or recommended by the relevant administrative or regulatory body, the spread adjustment shall be determined on the basis of that determination or recommendation.