Substitute Benchmark Rate definition
Substitute Benchmark Rate means any substitute replacement rate to the Original Benchmark Rate (expressed as a percentage rate per annum) (i) nominated by the EU Commission or any EU Member State taking into account, where available, the recommendation by an alternative reference rate working group operating under the auspices of the central bank responsible for the currency in which the interest rates of the replacement benchmark are denominated; or (ii) nominated by any of the following entities, provided that they are competent to make such nominations: a central bank, a supervisory authority or any supervisory or expert body of the financial sector established under public law or composed of publicly appointed members including any working group or committee chaired or co-chaired by or constituted at the request of the central bank or other supervisory authority for being used for determining the interest scheduled to be paid under the Notes determined by the Independent Advisor (in the case of § 3 (4) (a)(i) above) or the Issuer (in the case of § 3 (4) (a)(ii) above) in its reasonable discretion.
Substitute Benchmark Rate means any substitute replacement rate to the Original Benchmark Rate (expressed as a percentage rate per annum) (i) nominated by the EU Commission or any EU Member State taking into account, where available, the recommendation by an alternative reference rate working group operating under the auspices of the central bank responsible for the currency in which the interest rates of the replacement benchmark are denominated; or (ii) nominated by any of the following entities