SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page (or if the Relevant Screen Page is unavailable, as otherwise is published by such authorised distributors) on the London Banking Day immediately following such London Banking Day; and
SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the daily SONIA rate for such London Business Day as provided by the administrator of SONIA 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 Business Day immediately following such London Business Day); and
SONIA Reference Rate means, in respect of any London Banking Day, the daily Sterling Overnight Index Average (“SONIA”) rate for such London Banking Day as provided by the Bank of England, as administrator of such rate (or any successor administrator of such rate) to authorised distributors (the “SONIA authorised distributors”) and as then published on the Relevant Screen Page (or, if the Relevant Screen Page is unavailable, as otherwise published by the SONIA authorised distributors) on the London Banking Day immediately following such London Banking Day, provided that if, in respect of any London Banking Day, the applicable SONIA Reference Rate is not made available on the Relevant Screen Page or has not otherwise been published by the SONIA authorised distributors by 5.00 p.m. London time, then (unless the Principal Paying 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 5(f) below, if applicable) the SONIA Reference Rate in respect of such London Banking Day shall be:
Examples of SONIA Reference Rate in a sentence
Any entity or person that derives an interest rate benchmark for which any ICE Term SONIA Reference Rate information serves directly or indirectly as, or as part of, an input or underlying reference is required to enter into a Master Licence Agreement (together with the appropriate Schedule thereto) to obtain an ICE Term SONIA Reference Rates derived benchmark licence.
Additionally, the interest rate on the Tracker Mortgage Loans and the Fixed to Tracker Mortgage Loans following the expiry of the relevant fixed period resets on the 12th March, 12th June, 12th September and 12th December of each year, whilst the SONIA Reference Rate referable to the Notes is calculated in a different manner.
The ICE Term SONIA Reference Rate (TSRR) are designed to measure average expected (i.e. forward- looking) SONIA rates over specified tenor periods.
The alternatives to SONIA compounded in arrears include: (i) Bank Rate; (ii) fixed rate; and (iii) a forward-looking Term SONIA Reference Rate ("TSRR").
Please refer to section “Sterling Overnight Index Average (SONIA) Reference Rate (page 40).
More Definitions of SONIA Reference Rate
SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the daily Sterling Overnight Index Average (“SONIA”) rate for such London Business Day as provided by the administrator of SONIA 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 Business Day immediately following such London Business Day).If, subject to Condition 4(i) (Benchmark Discontinuation), in respect of any London Business Day in the relevant Observation Period, the Calculation Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Pricing Supplement) determines that the SONIA Reference Rate is not available on the Relevant Screen Page or has not otherwise been published by the relevant authorised distributors, such SONIA reference rate shall be:(x) the Bank of England’s Bank Rate (the “Bank Rate”) prevailing at 5.00 p.m. (or, if earlier, close of business) on the relevant London Business Day; plus(y) the mean of the spread of the SONIA Reference Rate to the Bank Rate over the previous five days on which a SONIA 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.Notwithstanding the paragraph above, and without prejudice to Condition 4(i) (Benchmark Discontinuation), in the event the Bank of England publishes guidance as to:
SONIA Reference Rate means in respect of any Business Day, a reference rate equal to the daily Sterling Overnight Index Average (“SONIA”) rate for such Business Day as provided by the administrator of SONIA 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 Business Day immediately following such Business Day).
SONIA Reference Rate means, in respect of any London Business Day, a reference rate equal to the SONIA rate for such London Business Day as provided by the administrator of SONIA to authorized distributors and as published on the Screen Page as at 9:00 a.m. London time or, if the Screen Page is unavailable, as otherwise published by authorized distributors (on the London Business Day immediately following such London Business Day).
SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight Index Average (SONIA) rate for such London Banking Day as provided by the administrator of SONIA 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
SONIA Reference Rate means, in respect of any London Banking Day ("LBDx"), a reference rate equal to the daily Sterling Overnight Index Average ("SONIA") rate for such LBDx as provided by the administrator of SONIA to, and published by, authorised distributors as at 9:00 a.m. London time on the SONIA Screen Page (or, if the SONIA Screen Page is unavailable, as otherwise published by such authorised distributors) on the London Banking Day immediately following LBDx.
SONIA Reference Rate means, in respect of any London Banking Day (“LBDx”), a reference rate equal to the daily Sterling Overnight Index Average (“SONIA”) rate for LBDx as provided by the administrator of SONIA 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
SONIA Reference Rate means, in respect of any London Banking Day, a reference rate equal to the daily Sterling Overnight IndexAverage (“SONIA”) rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on