Observation Shift definition

Observation Shift is specified as the Observation Method in the applicable Final Terms, the Observation Period relating to such Interest Period;

Observation Shift is specified as the Observation Method in the applicable Final Terms, the number of London Banking Days specified as the “Observation Shift Period” in the applicable Final Terms (or, if no such number is specified, five London Banking Days);

Observation Shift is specified as the Observation Method in the applicable Final Terms, the number of Business Days included in the Observation Look-back Period specified in the applicable Final Terms (which shall not be less than five Business Days without the consent of the Principal Paying Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Final Terms));

Examples of Observation Shift in a sentence

• Please note that in September 2020 the Working Group published a statement14 that use of a Five Banking Days Lookback without Observation Shift is recommended as the standard approach for sterling loan markets.

• Please note that in September 2020 the Working Group published a statement15 that use of a Five Banking Days Lookback without Observation Shift is recommended as the standard approach for sterling loan markets.

• Note that the interest period provisions in the LMA Lookback Without Observation Shift FA are structured such that the first and last day of an Interest Period falls on an RFR Banking Day.

• Note that the interest period provisions in the LMA Lookback With Observation Shift FA are structured such that the first and last day of an Interest Period falls on an RFR Banking Day.

• For these purposes, (i) the Reference Rate shall be deemed to be SOFR in the case of SOFR Compounded Index and SONIA in the case of SONIA Compounded Index; (ii) the Calculation Method shall be deemed to be Compounded Daily; (iii) the Observation Method shall be deemed to be Observation Shift; (iv) the Observation Shift Period shall be deemed to be “p”; (v) D shall remain the same; and (vi) in the case of SONIA, the Relevant Screen Page will be determined by the Issuer.

More Definitions of Observation Shift

Observation Shift is specified as the Observation Method in the applicable Final Terms, the number of U.S. Government Securities Business Days in the relevant Observation Period;

Observation Shift is specified as the Observation Method in the applicable Final Terms, the relevant London Banking Day “i”.

Observation Shift is specified as the Observation Method, in respect of any Business Day, the €STR in respect of such Business Day;

Observation Shift is specified as the Observation Method in the applicable Final Terms, the relevant Observation Period; i is a series of whole numbers from one to do, each representing a London Banking Day in chronological order from, and including, the first London Banking Day in: (1) where “Lag” is specified as the Observation Method in the applicable Final Terms, the relevant Interest Period; or

Observation Shift is specified as the Observation Method in the applicable Final Terms, the number of London Banking Days specified as the “Observation Shift Period” in the applicable Final Terms (or, if no such number is so specified, five London Banking Days); XXXXX reference rate means, in respect of any London Banking Day (LBDx), a reference rate equal to the daily Sterling Overnight Index Average (XXXXX) rate for LBDx as provided by the administrator of XXXXX to authorised distributors and as then published on the Relevant Screen Page (or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following LBDx; and XXXXXx means the XXXXX reference rate for: (1) where “Lag” is specified as the Observation Method in the applicable Final Terms, the London Banking Day falling "p" London Banking Days prior to the relevant London Banking Day "i"; or

Observation Shift is specified as the Observation Method in the relevant Final Terms; the relevant London Banking Day “i”; If, in respect of any London Banking Day in the relevant Interest Period or Observation Period (as applicable), the Calculation Bank determines that the XXXXX Reference Rate is not available on the Relevant Screen Page or has not otherwise been published by the relevant authorised distributors, such XXXXX Reference Rate shall, subject to Condition 5A (Benchmark discontinuation), be:

Observation Shift is specified as the Observation Method in the applicable Final Terms, the relevant London Banking Day "i". If, where any Rate of Interest is to be calculated pursuant to this Condition 3(b)(ii)(C), in respect of any London Banking Day for which the XXXXX reference rate is required to be determined, the Agent or the Calculation Agent, as applicable, determines that the applicable XXXXX reference rate is not available on the Relevant Screen Page and has not otherwise been published by the relevant authorised distributors, then (unless the Agent or the Calculation Agent, as applicable, has been notified of any Successor Rate or Alternative Rate (and any related Adjustment Spread and/or Benchmark Amendments) pursuant to Condition 3(b)(viii) (Benchmark Discontinuation), if applicable) the XXXXX reference rate in respect of such London Banking Day shall be: (1) (I) the Bank of England’s Bank Rate (the Bank Rate) prevailing at 5.00 p.m. (London time) (or, if earlier, the close of business) on such London Banking Day; plus (II) the mean of the spread of the XXXXX reference rate to the Bank Rate over the previous five London Banking Days on which a XXXXX reference rate has been published, excluding the highest spread (or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest spread, one only of those lowest spreads) to the Bank Rate; or