Screen Determination Sample Clauses
The Screen Determination clause defines the process for identifying or confirming a specific rate, value, or benchmark by referencing a published screen or electronic source. In practice, this clause typically applies to financial contracts where interest rates, currency exchange rates, or other key values are set by reference to a recognized information provider, such as a financial news service or exchange. Its core function is to ensure transparency and consistency in determining critical values, thereby reducing disputes and ambiguity between parties.
Screen Determination. Where Screen Rate Determination is specified in the applicable Pricing Supplement as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be either:
Screen Determination if “Screen Determination” is specified as the Floating Rate Determination Method, the Interest Rate for each Interest Calculation Period will, subject as provided below, be either the sum of the Margin (if any) and:
(i) the offered quotation; or
(ii) the arithmetic mean of the offered quotations, (expressed as a percentage rate per annum) for the Reference Rate which appears or appear, as the case may be, on the Page as at either 11:00 a.m. (London time in the case of LIBOR or Brussels time in the case of EURIBOR) on the Interest Determination Date in question as determined by the Calculation Agent (the “Screen Rate”). If five or more of such offered quotations are available on the Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Calculation Agent for the purpose of determining the arithmetic mean of such offered quotations. If the Reference Rate from time to time in respect of Floating Rate Notes is specified as being other than LIBOR or EURIBOR, the Interest Rate in respect of such Notes will be determined as provided, or:
(iii) if the Page is not available or if, paragraph (i) applies and no such offered quotation appears on the Page or if paragraph (ii) above applies and fewer than three such offered quotations appear on the Page in each case as at the time specified above, subject as provided below, the Calculation Agent shall request, if the Reference Rate is LIBOR, the principal London office of each of the Reference Banks or, if the Reference Rate is EURIBOR, the principal Euro-zone office of each of the Reference Banks, to provide the Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate if the Reference Rate is LIBOR, at approximately 11:00 a.m. (London time), or if the Reference Rate is EURIBOR, at approximately 11:00 a.m. (Brussels time) on the Interest Determination Date in question. lf two or more of the Reference Banks provide the Calculation Agent with such offered quotations, the Interest Rate for such Interest Calculation Period shall be the arithmetic mean of such offered quotations as determined by the Calculation Agent; and
(iv) if paragraph (iii) above applies and the Calculation Agent determines that fewer than two Reference Banks are providing offered quotations, subject as provided below, the Interes...
Screen Determination if “Screen Determination” is specified as the Floating Rate Determination Method, the Interest Rate for each Interest Calculation Period will, subject as provided below, be either the sum of the Margin (if any) and:
Screen Determination. If "Screen Determination" is specified as the Floating Rate Determination Method, the Interest Rate for each Interest Calculation Period will be the sum of the Margin (if any) and:
(i) the Screen Rate, or
(ii) if no Screen Rate appears or (where the rate is neither a composite quotation nor is customarily supplied by a single entity) fewer than two rates appear on the Page at the Relevant Time on the Interest Determination Date, the arithmetic mean of the rates that the Calculation Agent determines each Reference Bank is quoting to major banks in the Relevant Financial Centre at the Relevant Time on the Interest Determination Date, or
(iii) if the Calculation Agent determines that fewer than two Reference Banks are so quoting, the Screen Rate determined on the previous Interest Determination Date, or
(iv) If none, the rate determined by the Calculation Agent in its discretion acting in a commercially reasonable manner;