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Administrator/Benchmark Event means that it has or will prior to the next Interest Determination Date become
unlawful for the calculation agent or HSBC Holdings to calculate any payments due to be made to any noteholder using SONIA or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes (including, without
limitation, under Regulation (EU) 2016/1011 as it forms part of domestic law in the United Kingdom by virtue of the EUWA, if applicable).
Administrator/Benchmark Event Date means the date from which it becomes unlawful for the calculation agent or HSBC Holdings to
calculate any payments due to be made to any noteholder using SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes);
Applicable Fallback Effective Date means in
respect of SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes) and an Index Cessation Event or an Administrator/Benchmark Event, the Index Cessation Effective Date or the
Administrator/Benchmark Event Date, as applicable.
Final Fallback Rate means, in respect of any relevant day, the official bank rate as determined by the Monetary Policy Committee of
the Bank of England and published by the Bank of England from time to time, in effect on that day.
Index Cessation Event means, in respect of SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the
provisions of the Notes), the occurrence of one or more of the following events:
(1) a public statement or publication of information by or on behalf of the administrator of SONIA (or, if applicable, any subsequent fallback
rate determined in accordance with the provisions of the Notes) announcing that it has ceased or will cease to provide SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes) permanently or
indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider, as applicable, that will continue to provide SONIA (or, if applicable, any subsequent fallback rate determined in accordance
with the provisions of the Notes); (2) a public
statement or publication of information by the regulatory supervisor for the administrator of SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes), the central bank for the currency of
SONIA (or, if applicable, any subsequent fallback rate determined in accordance with the provisions of the Notes), an insolvency official with jurisdiction over the administrator for SONIA (or, if applicable, any subsequent fallback rate determined
in accordance with the provisions of the Notes), a resolution authority with jurisdiction over the |