Daily XXXXX definition

Daily XXXXX means (save as specified in the applicable Loan Tranche Supplement), in respect of any London Business Day:

Daily XXXXX means, for any day (a “XXXXX Xxxx Day”), a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to Xxxxxxxx, the greater of (i) Spread Adjusted XXXXX for the day (such day, the “XXXXX Determination Day”) that is five (5) XXXXX Business Days prior to (A) if such XXXXX Rate Day is an XXXXX Business Day, such XXXXX Xxxx Day or (B) if such XXXXX Xxxx Xxx is not an XXXXX Business Day, the XXXXX Business Day immediately preceding such XXXXX Xxxx Xxx, in each case, utilizing the XXXXX component of such Spread Adjusted XXXXX that is published by the XXXXX Administrator on the XXXXX Administrator’s Website, and (ii) the Floor. If by 5:00 p.m. (local time for XXXXX) on the second (2nd) XXXXX Business Day immediately following any XXXXX Determination Day, XXXXX in respect of such XXXXX Determination Day has not been published on the XXXXX Administrator’s Website, then XXXXX for such XXXXX Determination Day will be XXXXX as published in respect of the first preceding XXXXX Business Day for which XXXXX was published on the XXXXX Administrator’s Website; provided that any XXXXX determined pursuant to this sentence shall be utilized for purposes of calculation of Daily XXXXX for no more than three (3) consecutive XXXXX Xxxx Days. Any change in Daily XXXXX due to a change in XXXXX shall be effective from and including the effective date of such change in XXXXX without notice to the Borrowers.

Daily XXXXX means, with respect to any Interest Payment Period, XXXXX for each applicable Business Day during such Interest Payment Period compounded or aggregated in arrears by the Administrative Agent using such calculation methodologies and conventions as the Administrative Agent determines are appropriate, giving due consideration to any evolving or then-prevailing market convention for determining this rate for syndicated credit facilities at such time, including any applicable recommendations made by the Relevant Governmental Body.

Examples of Daily XXXXX in a sentence

• The nascent development of Compounded Daily XXXXX as an interest reference rate for the Eurobond markets, as well as continued development of XXXXX-based rates for such markets and the market infrastructure for adopting such rates, could result in reduced liquidity or increased volatility or could otherwise affect the market price of any XXXXX-referenced Notes issued under the Programme from time to time.

• It may be difficult for investors in Notes which reference Compounded Daily XXXXX to estimate reliably the amount of interest which will be payable on such Notes, and some investors may be unable or unwilling to trade such Notes without changes to their IT or other operational systems, any of which could adversely impact the liquidity of such Notes.

• If these rate and spread calculation provisions of Notes which reference Compounded Daily XXXXX become applicable, this could result in adverse consequences to the amount of interest payable on such Notes, which could adversely affect the return on, value of, and market for, such Notes.

• In addition, if the rate of interest on Notes which reference Compounded Daily XXXXX cannot be determined using the Bank Rate, then the rate of interest will be that determined as at the last preceding Interest Determination Date, which would cause the rate of interest on such Notes to become fixed and could thereby adversely affect the return on, value of and market for such Notes.

• Further, if Compounded Daily XXXXX does not prove to be widely used in securities like the Notes, the trading price of such Notes linked to or referencing Compounded Daily XXXXX may be lower than those of Notes linked to indices that are more widely used.

• The terms of Notes which reference Compounded Daily XXXXX provide that if the XXXXX reference rate is not available or has not otherwise been published, the amount of interest payable on such Notes will be determined using the Bank of England’s Bank Rate (the “Bank Rate”) plus the mean of the spread of the XXXXX reference rate to the Bank Rate.

• Investors should carefully consider how any potential inconsistencies between the adoption of XXXXX reference rates across these markets may impact any hedging or other financial arrangements which they may put in place in connection with any acquisition, holding or disposal of Notes referencing XXXXX or Compounded Daily XXXXX.

• Further, there is no assurance that the characteristics of the Bank Rate and spread calculation will be similar to, or will produce the economic equivalent of, the XXXXX reference rate upon which Compounded Daily XXXXX is based.

• Compounded Daily XXXXX will be calculated in accordance with either the lag observation method (the “Observation Lookback Convention”) or the shift observation method (the “Observation Shift Convention” and each a “Compounded Daily XXXXX Observation Convention”).

• In addition, some issuers have issued notes linked to Compounded Daily XXXXX (as defined in Condition 4(b)(iii)(G)).

More Definitions of Daily XXXXX

Daily XXXXX means (save as specified in the applicable Pricing Supplement), in respect of any London Business Day:

Daily XXXXX means (save as specified in the applicable Term Advance Supplement), in respect of any London Business Day: