€STR definition

€STR means, in respect of any TARGET Business Day, the interest rate representing the wholesale Euro unsecured overnight borrowing costs of banks located in the Euro area provided by the European Central Bank as administrator of such rate (or any successor administrator) and published on the Website of the European Central Bank (as defined below) at or before 9:00 a.m. (Frankfurt time) (or, in case a revised euro short-term rate is published as provided in Article 4 subsection 3 of the ECB €STR Guideline at or before 11:00 a.m. (Frankfurt time), such revised interest rate) on the TARGET Business Day immediately following such TARGET Business Day;

€STR means, in respect of any Business Day, a reference rate equal to the daily euro short-term rate for such euro Business Day as provided by the European Central Bank, as administrator of such rate (or any successor administrator of such rate), on the website of the European Central Bank, being as at the date of the Agency Agreement at http://www.ecb.europa.eu, or any successor website officially designated by the European Central Bank (the "ECB's Website") in each case, on or before 9:00 a.m., (Central European Time) on the Business Day immediately following such Business Day;

€STR means, in respect of any Business Day, a reference rate equal to the daily euro short-term rate for such Business Day as provided by the ECB as the administrator of€STR (or any successor administrator of such rate) on the website of the ECB (or any successor administrator of such rate) (or, if no longer published on its website, as otherwise published by it or provided by it 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 (in each case, at the time specified by, or determined in accordance with, the applicable methodology, policies or guidelines, of the ECB or the successor administrator of such rate);

Examples of €STR in a sentence

• Units or shares of UCIs for which net asset values are published monthly may be valued on the basis of interim net asset values calculated from estimated prices.• Temporary purchases and sales of securities - Securities purchased under repurchase agreements are valued at their contract price using an actuarial method with a benchmark rate (€STR, one- or two-week interbank rates, one- to 12-month Euribor) corresponding to the term of the contract.

• Investors should carefully consider how any mismatch between the adoption of such rates across these markets may impact any hedging or other financial arrangements which they may put in place in connection with any acquisition, holding or disposal of any Notes referencing SONIA, SOFR, €STR or SARON.

• In addition, the manner of adoption or application of €STR reference rates in the Eurobond markets may differ materially compared with the application and adoption of €STR in other markets, such as the derivatives and loan markets.

• This Annex relates to the change in the rate from the Euro OverNight Index Average ( EONIA) to the Euro Short Term Rate (€STR) for the purposes of (i) calculating the Price Alignment Amount, and (ii) constituting the relevant underlying benchmark for the instruments used to construct the Clearing House’s zero coupon yield curves under 2.1.7 of the FCM Procedures to calculate the net present value, each in relation to Impacted FCM SwapClear Contracts.

• If the net present value represents an asset or positive value for the Clearing House, such €STR Discounted Value shall be a positive amount and if the net present value represents a liability or negative value for the Clearing House, such €STR Discounted Value shall be a negative amount.

More Definitions of €STR

€STR means, in respect of any Business Day, a reference rate equal to the daily euro short-term rate as provided by the European Central Bank, as administrator of such rate (or any successor administrator of such rate), on the ECB's Website, in each case on or before 9:00 a.m. (Central European Time) on the Business Day immediately following such Business Day;

€STR means a rate equal to the Euro Short Term Rate as administered by the €STR Administrator.

€STR means, in respect of any €STR-Business Day, a reference rate equal to the daily euro short-term rate for such €STR-Business Day as provided by the European Central Bank, as administrator of such rate (or any successor administrator of such rate), on the website of the European Central Bank currently at http://www.ecb.europa.eu, or any successor website officially designated by the European Central Bank (the “ECB’s Website”) in each case, on or before 9:00 a.m., (Central European Time) on the €STR-Business Day immediately following such €STR- Business Day.Notwithstanding the paragraph above, in the event the European Central Bank publishes guidance as to (i) how €STR is to be determined or (ii) any rate that is to replace €STR, the [Calculation Agent] [●] shall, subject to receiving written instructions from the Issuer and to the extent that it is reasonably practicable, follow such guidance in order to determine €STR for the purpose of the Notes for so long as €STR is not available or has not been published by the authorised distributors.In the event that the Interest Rate cannot be determined in accordance with the foregoing provisions by the [Calculation Agent] [●], the Interest Rate shall be (i) that determined as at the last preceding Interest Determination Date or (ii) if there is no such preceding Interest Determination Date, the initial Interest Rate which would have been applicable to such Notes for the first Interest Period had the Notes been in issue for a period equal in duration to the scheduled first Interest Period but ending on (and excluding) the Interest Commencement Date.Where:

€STR means the Euro Short Term Rate (€STR) as published by the Benchmark Administrator or its agent;

€STR means, in respect of any TARGET Business Day, a reference rate equal to the daily euro short-term rate as provided by the European Central Bank, as the administrator of such rate (or any successor administrator of such rate) on the website of the European Central Bank (or any successor administrator of such rate) or any successor source, in each case, at the time specified by, or determined in accordance with, the applicable methodology, policies or guidelines, of the administrator of such rate on the TARGET Business Day immediately following such TARGET Business Day;

€STR means the euro short-term rate administered and published by the European Central Bank (ECB) on ECB Website, usually by 9:00 (CET) of the relevant day. The Bank shall use such published rate for the relevant one-day period on the date of the Drawdown or on the date of the Interest Rate Update. In case that such date is not the Working Day, the Bank shall use the €STR rate published by the European Central Bank on the immediately preceding Working Day. If the €STR rate is less than zero (0), €STR shall be deemed to be zero (0).

€STR means the Euro short-term rate, the Administrator of which is European Central Bank (ECB) or another entity which assumes this role in the future.