Common use of Fallbacks Clause in Contracts

Fallbacks. If, following the occurrence of a Benchmark Event and in relation to the determination of the Rate of Interest on the immediately following Interest Determination Date, no Successor Rate or Alternative Rate (as applicable) is determined pursuant to this provision, the fallback provision for the Original Reference Rate specified in Condition 4.2(b)(iii), namely the Rate of Interest determined on the preceding Interest Determination Date will continue to apply to such determination (though substituting, where a different Maximum or Minimum Rate of Interest is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Maximum or Minimum Rate of Interest relating to the relevant Interest Period, in place of the Maximum or Minimum Rate of Interest relating to that last preceding Interest Period). In such circumstances, the Issuer will be entitled (but not obliged), at any time thereafter, to elect to re-apply the provisions of this Condition 4.2(b)(iv), mutatis mutandis, on one or more occasions until a Successor Rate or Alternative Rate (and, if applicable, any associated Adjustment Spread and/or Benchmark Amendments) has been determined and notified in accordance with this Condition 4.2(b)(iv) (and, until such determination and notification (if any), the fallback provisions provided elsewhere in these Terms and Conditions including, for the avoidance of doubt, the other fallbacks specified in Condition 4.2(b), will continue to apply in accordance with their terms). This may result in the Rate of Interest for the last preceding Interest Period being the Rate of Interest for the Interest Period in question.