Priority Fallback definition

Priority Fallback means, if the definition or description of the Relevant Benchmark includes a reference to a concept defined or otherwise described as an “index cessation event” (regardless of the contents of that definition or description), any fallback specified in that definition or description to apply following such an event

Priority Fallback means, in respect of a Reference Rate, if the definition of such Reference Rate in the ISDA Definitions includes a reference to a concept defined or otherwise described as an "index cessation event" (regardless of the contents of that definition or description), any fallback specified in that definition or description to apply following such an event (which may include, amongst others, the replacement of such Reference Rate with a replacement reference rate and/or the application of an adjustment spread to such replacement reference rate).

Priority Fallback means, in respect of an Original Primary Rate, if the definition of such Original Primary Rate includes a reference to a concept defined or otherwise described as an "index cessation event" (regardless of the contents of that definition or description), any fallback specified in that definition or description to apply following the occurrence of such an event. "

Examples of Priority Fallback in a sentence

• The Adjustment Spread may reduce the level of the Cash Index, and in turn, the amount(s) payable under the Securities, and the relevant Priority Fallback, the pre-nominated replacement reference rate or otherwise the Replacement Reference Rate may also reduce the amount(s) payable under the Securities.

• For any Securities that use a Reference Rate, the Priority Fallback following a Reference Rate Event may refer to actions that would be taken for a Floating Rate under an interest rate swap documented using the market standard interest rate definitions published by ISDA.

• If the Parties have agreed with respect to a Relevant Benchmark that specific priority or disruption fallbacks (“Priority Fallbacks”) shall apply in case of a Benchmark Trigger Event then, upon its occurrence, such Priority Fallback shall apply notwithstanding anything to the contrary in these Trading Conditions.

• If the Parties have agreed with respect to a Relevant Benchmark that specific priority or disruption fallbacks (“Priority Fallbacks”) shall apply in case of a Benchmark Trigger Event then, upon its occurrence, such Priority Fallback shall apply notwithstanding anything to the contrary in these Trading Conditions, the terms of the .

• If the Priority Fallback fails to provide a means of determining the index level, then Master Condition 9(d)(vii)(3) (Benchmark Event in respect of amounts payable under the Instruments) shall apply.

• If the Priority Fallback fails to provide a means of determining the index level, then Condition 3(h) (Benchmark Rate Event) shall apply.

• For any Securities that use a Reference Rate, the Priority Fallback following a Reference Rate Event may refer to actions that would be taken for a Floating Rate under an interest rate swap incorporating the 2006 ISDA Definitions.

More Definitions of Priority Fallback

Priority Fallback means, in respect of a Priority Fallback Benchmark, any fallback which the Calculation Agent determines would be a “Priority Fallback” under the terms of a Rate Hedge Transaction;