Month Average €STER definition
Month Average €STER means the European Central Bank (or a successor administrator) published 1-month compounded average of the Euro Short Term Rate (€STER) at around 09:00 Central European Time on the day that is one (1) Business Day prior to the date when payment of the sum due is made, as published on the European Central Bank’s Website, or by any other person which takes over the publication of that rate. “CAS” means 0.0456% (as fixed by the UK FCA, as administrator of the LIBOR benchmarks) If the 30-Day Average SOFR or 1-Month Average €STER for the applicable currency, is not published on any such day, the rate appearing at 08:00 US Eastern Time/09:00 Central European Time (as applicable) for the immediately preceding publication date shall be used. If the Benchmark Rate plus CAS (as applicable) is negative for any calculation period, it shall be treated as zero for such period. If SOFR/ €STER is not available, then a benchmark rate which has been formally designated, nominated or recommended as the replacement for such SOFR/€STER by any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of any of them shall replace SOFR/€STER, provided that if no such replacement rate is available, the Parties shall agree on another reasonably comparable interest rate or publication. If the amount is payable in any other currency than those referenced in this clause, the rate per annum determined by Seller (in consultation with Buyer), as offered by leading banks in the banking system of the currency in which the amount is payable, on the due date shall apply.