CMS Reference Rate definition

CMS Reference Rate means the EUR CMS specified in the Final Terms relating to the relevant maturity (the relevant maturity year mid swap rate in EUR (annual 30/360)), which appears on the Page, as at the Relevant Time on the relevant Interest Determination Date or on any other relevant date.

CMS Reference Rate means the EUR CMS specified in the Final Terms relating to the relevant maturity (the relevant maturity year mid swap rate in EUR (annual 30/360)), which appears on the Relevant Screen Page, being Reuters page "ISDAFIX2" under the heading "EURIBOR Basis" (unless otherwise specified in the relevant Final Terms), as at Relevant Time which shall be 11.00 a.m. Frankfurt time (unless otherwise specified in the relevant Final Terms), in the case of the EUR-ISDA-EURIBOR Swap Rate-11.00 on the relevant Interest Determination Date (unless otherwise specified in the relevant Final Terms) or, where a CMS Rate applies for the purposes of any Range Accrual Note pursuant to Condition 5(f) below, Range Accrual Day (as defined in Condition 5(f) below) or on any other relevant date.

CMS Reference Rate means the EUR CMS relating to the relevant maturity (the relevant maturity year mid swap rate in EUR (annual 30/360)), which appears on the Relevant Screen Page, being Reuters page “ISDAFIX2” under the heading “EURIBOR Basis”, as at Relevant Time which shall be 11.00 a.m. Frankfurt time, in the case of the EUR-ISDA-EURIBOR Swap Rate-11.00 on the relevant Interest Determination Date or, where a CMS Rate applies for the purposes of any Range Accrual Note pursuant to Condition 5 (e) below, Range Accrual Day (as defined in Condition 5(e) below) or on any other relevant date.In the event that the EUR CMS does not appear on the Relevant Screen Page on any relevant date, the Calculation Agent shall determine on such relevant date the applicable rate based on quotations of five Reference Banks (to be selected by the Calculation Agent and the Issuer) for EUR CMS relating to the relevant maturity (in each case the relevant mid-market annual swap rate commencing two TARGET Business Days following such relevant date). The highest and lowest (or, in the event of equality, one of the highest and/or lowest) quotations so determined shall be disregarded by the Calculation Agent for the purpose of determining the Reference Rate which will be the arithmetic mean (rounded if necessary to five significant figures with halves being rounded up) of such provided quotations.If, for any reason, the EUR CMS is no longer published or if fewer than three quotations are provided to the Calculation Agent in accordance with the above paragraph, it will be determined by the Calculation Agent in its sole discretion, acting in good faith and in a commercial and reasonable manner.

Examples of CMS Reference Rate in a sentence

• Where CMS Rate is specified in the applicable Final Terms as the manner in which the Interest Rate is to be determined, the Interest Rate for each Interest Accrual Period or Interest Period will be the CMS Reference Rate.

• If on any Interest Determination Date one only or none of the Reference Banks provides the Calculation Agent with such quotations as provided in the preceding paragraph, the CMS Reference Rate shall be determined by the Calculation Agent in its sole and absolute discretion on a commercial basis as it shall consider appropriate and in accordance with standard market practice.

• If two or more of the CMS Reference Banks provide the Calculation Agent such quotations, the CMS Reference Rate for such Interest Accrual Period or Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest).

• Floating Rate Notes which are CMS Linked Interest Notes Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined and the Reference Rate is specified as being the CMS Reference Rate, the Rate of Interest for each Interest Period will, subject as provided below, be the CMS Rate plus or minus (as indicated in the applicable Final Terms) the Margin, as determined by the Calculation Agent or Determination Agent (as applicable).

• In the case of Exempt Notes which are also Floating Rate Notes where the applicable Pricing Supplement identifies that Screen Rate Determination or CMS Rate Determination applies to the calculation of interest, if the Reference Rate from time to time is specified in the applicable Pricing Supplement as being other than EURIBOR or CMS Reference Rate, the Rate of Interest in respect of such Exempt Notes will be determined as provided in the applicable Pricing Supplement.

More Definitions of CMS Reference Rate

CMS Reference Rate means, in respect of an interest period or any relevant day, the Relevant Swap Rate for swap transactions in the Reference Currency with a maturity of the Designated Maturity (expressed as a percentage rate per annum) which appears on the Relevant Screen Page as at the Relevant Time on the relevant interest determination date, as determined by the calculation agent;

CMS Reference Rate means the EUR CMS relating to the relevant maturity (the relevant maturity year mid swap rate in EUR (annual 30/360)), which appears on the Relevant Screen Page, being Reuters page “ISDAFIX2” under the heading “EURIBOR Basis”, as at 11.00

CMS Reference Rate means the rate determined in accordance with the Condition 6.7 (CMS Rate Determination);

CMS Reference Rate means the Rate Option (as defined in the ISDA Definitions) specified as such in the relevant Final Terms or, in the case of Exempt Notes, the relevant Pricing Supplement, with a Designated Maturity (as defined in the ISDA Definitions) as specified in the relevant Final Terms or, in the case of Exempt Notes, the relevant Pricing Supplement;

CMS Reference Rate means, for an Interest Period, the Relevant Swap Rate for swap transactions in the Reference Currency with a maturity of the Designated Maturity (as specified in the applicable Final Terms) commencing on the first day of the relevant Interest Period (expressed as a percentage rate per annum) which appears on the Relevant Screen Page (as specified in the applicable Final Terms) as at the Relevant Time (as specified in the applicable Final Terms) on the relevant Interest Determination Date, all as determined by the Agent or another calculation agent (as specified in the applicable Final Terms) (the “Calculation Agent”).

CMS Reference Rate means the Rate Option (as defined in the ISDA Definitions) specified as such in the relevant Pricing Supplement with a Designated Maturity (as defined in the ISDA Definitions) as specified in the relevant Pricing Supplement;

CMS Reference Rate means USD CMS 10y.