SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Noteholders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Calculation Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred).
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Noteholders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Calculation Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event hasoccurred, the date on which the first of such events occurred).In the applicable Final Terms, when the paragraph ‘Relevant Screen Page’ specifies that the rate is determined by linear interpolation, in respect of an Interest Period, the Rate of Interest for such Interest Period shall be calculated by the Calculation Agent by straight line linear interpolation by reference to two rates based on the Relevant Rate, one of which shall be determined as if the maturity were the period of time (for which rates are available) next shorter than the length of the relevant Interest Period, and the other of which shall be determined as if the maturity were the period of time (for which rates are available) next longer than the length of the relevant Interest Period.(D) Benchmark discontinuationWhere Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate of Interest is to be determined and if a Benchmark Event occurs in relation to an Original Reference Rate at any time when the Terms and Conditions of any Notes provide for any rate of interest (or any component part thereof) to be determined by reference to such Original Reference Rate, then the following provisions shall apply and prevail over other fallbacks specified in Condition 5(c)(iii)(C). For the avoidance of doubt, the following provisions shall not apply and shall not prevail over other fallbacks specified in Conditions 5(c)(iii)(A) and 5(c)(iii)(B) and shall not apply to Floating Rate Notes which reference SONIA, SOFR, €STR or SARON.
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Holders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Calculation Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending
Examples of SNB Adjustment Spread in a sentence
The Recommended Replacement Rate and any Recommended Adjustment Spread, or as the case may be the SNB Policy Rate and any SNB Adjustment Spread and any other changes pursuant to this Condition 3(c)(v)(F)(3) specified in such certificate will (in the absence of manifest error and without prejudice to the Trustee's ability to rely on such certificate as aforesaid) be binding on the Issuer, the Trustee, the Paying Agents, the Calculation Agent, the Noteholders and the Couponholders.
No later than notifying the Trustee of the same, the Issuer shall deliver to the Trustee a certificate signed by two authorised signatories of the Issuer confirming (i) the Recommended Replacement Rate and any Recommended Adjustment Spread or, as the case may be, indicating that the SNB Policy Rate will be used and any SNB Adjustment Spread and (ii) the changes to any of the definitions specified above in this Condition 3(c)(v)(F)(3) (if applicable).
No later than notifying the Trustee of the same, the Issuer shall deliver to the Trustee a certificate signed by two authorised signatories of the Issuer confirming (i) the Recommended Replacement Rate and any Recommended Adjustment Spread or, as the case may be, indicating that the SNB Policy Rate will be used and any SNB Adjustment Spread and(ii) the changes to any of the definitions specified above in this Condition 3(c)(v)(F)(3) (if applicable).
More Definitions of SNB Adjustment Spread
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to holders of Obligations Foncières as a result of the replacement of the SARON with the SNB Policy Rate for purposes of
SNB Adjustment Spread means, in respect of the SNB Key Rate, the spread to be applied to the SNB Key Rate, such spread being determined by the Calculation Agent, acting in good faith and in a commercially reasonable manner, taking into account the historical median between the SARON and the SNB Key Rate over the two-year period ending on the date on which the Benchmark Event occurred (or, if more than one Benchmark Event occurred, the date on which the first such event occurred);
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, toden gegebenen Umständen vernünftigerweise durch- führbar ist, wirtschaftliche Nachteile oder Vorteile (soweit anwendbar) für Gläubiger infolge der Ersetzung des SARON durch den SNB-Leitzins zu Zwecken der Bestimmung des SARON zu verringern oder zu beseitigen, wobei diese Zinsspanne durch die Emittentin nach Treu und Glauben und in wirtschaft- lich angemessener Weise bestimmt wird, unter Berücksichtigung des historischen Mittelwerts zwischen dem SARON und dem SNB-Leitzins während des Zweijahreszeitraums, der an dem Tag endet, an dem das SARON Index Einstellungsereignis eingetreten ist (oder, falls mehr als ein SARON Index Einstellungsereignis eingetreten ist, an dem Tag, an dem das erste dieser Ereignisse eingetreten ist).Falls die Berechnungsstelle (i) verpflichtet ist, zu Zwecken der Bestimmung des SARON für einen SARON-Geschäftstag einen Empfohlenen Ersatz- Zinssatz oder den SNB-Leitzins zu verwenden, und(ii) die Emittentin feststellt, dass jegliche Änderungen von maßgeblichen Definitionen (einschließlich, aber nicht beschränkt auf Beobachtungszeitraum, Maßgeb- liche Uhrzeit, SARON, SARON-Administrator, SARON-Administrator-Webseite oder SARON- Geschäftstag) notwendig sind, um einen solchen Empfohlenen Ersatz-Zinssatz (und eine Empfohlene Anpassungs-Zinsspanne) bzw. den SNB-Leitzins (und eine SNB-Anpassungs-Zinsspanne) für solche Zwecke zu verwenden, werden diese Definitionen ohne Zustimmung der Gläubiger angepasst und die Emittentin teilt dies den Gläubigern unverzüglich gemäß § 14 unter Angabe des Empfohlenen Ersatz- Zinssatzes und einer Empfohlenen Anpassungs- Zinsspanne bzw. SNB-Anpassungs-Zinsspanne, wie anwendbar, sowie aller vorstehender beschriebenen Anpassungen mit.
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Holders as a result of the replacement of SARON with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Issuer or the SARON Benchmark Transition Designee, acting in good faith and a commercially reasonable manner, taking into account the historical median between the SARON and the SNB Policy Rate during the two year period ending on the date on which the SARON Benchmark Transition Event occurred (or, if more than one SARON Benchmark Transition Event occurred, the date on which the first of such events occurred).
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circumstances, any economic prejudice or benefit (as applicable) to Holders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Principal Paying Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred). If the Principal Paying Agent (A) is required to use a Recommended Replacement Rate or the SNB Policy Rate pursuant to clause (C)(x) or (C)(y) of the definition of “SARON” for purposes of determining SARON for any Banking Day, and (B) determines that any changes to the relevant definitions are necessary in order to use such Recommended Replacement Rate (and any Recommended Adjustment Spread) or the SNB Policy Rate (and any SNB Adjustment Spread), as the case may be, for such purposes, such definitions shall be amended to reflect such changes, and the Issuer shall give notice thereof as soon as practicable in accordance with Condition 11. If the relevant conditions set out in the definition of SARON have been satisfied, then the Principal Paying Agent will determine in its sole discretion whether to use an alternative rate to SARON for the Affected Banking Day and for all subsequent Banking Days in the Observation Period in which the Affected Banking Day falls (the "Affected Observation Period") and all Observation Periods thereafter. If the Principal Paying Agent determines to use an alternative rate pursuant to the immediately preceding sentence, it shall select such rate that it has determined in its sole discretion (acting in good faith and in a commercially reasonable manner) is most comparable to the Swiss Average Rate Overnight (the "Existing Rate"), provided that if it determines that there is an appropriate industry-accepted successor rate to the Existing Rate, it shall use such industry-accepted successor rate. If the Principal Paying Agent has determined an alternative rate in accordance with the foregoing (such rate, the "Replacement Rate"), f...
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circum- stances, any economic prejudice or benefit (as applicable) to Holders as a result of the replacement of the SARON with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Issuer, acting in good faith and a commercially reasonable manner, taking into account the historical median between the SARON and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred).Falls die Berechnungsstelle (i) verpflichtet ist, zu Zwecken der Bestimmung des SARON für einen SARON-Geschäftstag einen Empfohlenen Ersatz- Zinssatz oder den SNB-Leitzins zu verwenden, und(ii) die Emittentin feststellt, dass jegliche Änderungen von maßgeblichen Definitionen (einschließlich, aber nicht beschränkt auf Beobachtungszeitraum, Maßgeb-liche Uhrzeit, SARON, SARON-Administrator, SARON- Administrator-Webseite oder SARON-Geschäftstag) notwendig sind, um einen solchen Empfohlenen Ersatz-Zinssatz (und eine Empfohlene Anpassungs- Zinsspanne) bzw. den SNB-Leitzins (und eine SNB- Anpassungs-Zinsspanne) für solche Zwecke zu verwenden, werden diese Definitionen ohne Zustimmung der Gläubiger angepasst und die Emittentin teilt dies den Gläubigern unverzüglich gemäß § 14 unter Angabe des Empfohlenen Ersatz- Zinssatzes und einer Empfohlenen Anpassungs- Zinsspanne bzw. SNB-Anpassungs-Zinsspanne, wieIf the Calculation Agent (i) is required to use a Recommended Replacement Rate or the SNB Policy Rate for purposes of determining SARON for any SARON-Business Day, and (ii) the Issuer determines that any changes to any relevant definitions (including, without limitation, Observation Period, Relevant Time, SARON, SARON Administrator, SARON Administrator Website or SARON-Business Day) are necessary in order to use such Recom- mended Replacement Rate (and any Recommended Adjustment Spread) or the SNB Policy Rate (and any SNB Adjustment Spread), as the case may be, for such purposes, such definitions shall be amended without the consent of the Holders and the Issuer shall promptly give notice to the Holders in accordance with § 14 specifying the Recommended Replacement Rate and any Recommended Adjustment Spread or any SNB Adjust...
SNB Adjustment Spread means, with respect to the SNB Policy Rate, the spread to be applied to the SNB Policy Rate in order to reduce or eliminate, to the extent reasonably practicable under the circum- stances, any economic prejudice or benefit (as applicable) to Holders as a result of the replacement of the Swiss Average Rate Overnight with the SNB Policy Rate for purposes of determining SARON, which spread will be determined by the Principal Paying Agent, acting in good faith and a commercially reasonable manner, taking into account the historical median between the Swiss Average Rate Overnight and the SNB Policy Rate during the two year period ending on the date on which the SARON Index Cessation Event occurred (or, if more than one SARON Index Cessation Event has occurred, the date on which the first of such events occurred). Amendments resulting from the use of a Recommended Replacement Rate or the SNB Policy Rate If the Principal Paying Agent (i) is required to use a Recommended Replacement Rate or the SNB Policy Rate pursuant to clause (c)(i) or (c)(ii) of the definition of “SARON” for purposes of determining SA- RON for any Zurich Banking Day, and (ii) determines that any changes to the definitions of 14[Day Count Fraction, Interest Determination Date, Interest Payment Date, Interest Period, Observation Period, Relevant Time, SARON, SARON Administrator, SARON Administrator Website or Zurich Business 13 See clauses (b) and (c) of the definition of “SARON” in section (A) above.14 Adjust list depending on the terms of the relevant Notes.Day] are necessary in order to use such Recommend Replacement Rate (and any Recommended Adjust- ment Spread) or the SNB Policy Rate (and any SNB Adjustment Spread), as the case may be, for such purposes, such definitions shall be amended without the consent of the Holders and the Issuer shall promptly give notice to the Holders specifying the Recommended Replacement Rate and any Recom- mended Adjustment Spread or any SNB Adjustment Spread, as applicable, and any amendments de- scribed in clause (ii) above. Definitions of SARON Index Cessation Event and SARON Index Cessation Effective Date A “SARON Index Cessation Event” means the occurrence of one or more of the following events: