The following RFR Benchmarks have been identified as replacements to the IBOR benchmarks used for the respective currencies:

If you have any queries on your Wealth Lending facilities with us, please reach out to your Relationship Manager or visit our IBOR website.

Interest:

• The applicable interest rate in respect of the Facilities, and each utilization, shall be determined pursuant to the disbursement instruction, the aggregate of the applicable:

1. Margin; and
2. Base Rate,

and shall be payable monthly, in arrears.

• The Bank may, from time to time as it deems fit and at its absolute discretion, review and amend the rate or rates of interest or commission stated herein by notice to you if in its opinion, there is a change in market conditions necessitating such review, and such amendment shall take effect and be binding on you from the date of the notice. Interest rates applicable to a Facility may be based on or may reference a Base Rate. If, in each case in the Bank’s reasonable opinion: (i) a Base Rate has or will be permanently or indefinitely discontinued; (ii) the methodology, formula or other means of determining a Base Rate has materially changed; (iii) a Base Rate is otherwise no longer appropriate for the purposes of calculating interest under any Facility Letter or (iv) the Bank is unable to determine a Base Rate for any other reason, the Bank may substitute such Base Rate with a standard market interest rate generally accepted, in the Bank’s reasonable opinion, in the international or domestic markets for such Facility as the appropriate successor to such Base Rate or the Bank may calculate such Base Rate with reference to any appropriate source or method as determined by the Bank.
• (where the Base Rate is the Bank’s variable lending rate)
  • Interest in respect of the Facilities shall be charged at the existing rate as charged to your Facilities (as the Bank may in its absolute discretion determine) as determined pursuant to the disbursement instruction.
• (where the Base Rate is BBSW, ESTR, HIBOR, SARON, CME Term SOFR, ICE Term SONIA, SORA, TONA)

Interest in respect of the Facilities shall be charged according to the applicable Base Rate as determined pursuant to the disbursement instruction.

The Base Rate will be computed as follows:

1. The first pricing is based on the 1M BBSW / 1M ESTR /1M HIBOR/ 1M SARON /1M CME Term SOFR / 1M ICE Term SONIA/ 1M SORA / 30 Days TONA (as the case may be) as at the first business day of the loan disbursement month. Re-pricings are made every month, and the Base Rate for each revision shall be based on the relevant  1M BBSW / 1M ESTR / 1M HIBOR //1M CME Term SOFR / 1M ICE Term SONIA / 1M SORA / 30 Days TONA as at the previous business day of the first business day of the month to which the repricing applies, for 1M SARON, the Base Rate shall be as at 5 business days preceding the first business day of the month.
2. If the 1M ESTR, 1M SARON, 1M CME Term SOFR, 1M ICE Term SONIA, 1M SORA, 30 Days TONA or such relevant base rate is less than zero, the Base Rate shall be deemed to be zero.

• Unless context requires otherwise, the following expressions shall have the following meanings:

“Base Rate” means the base lending rate, as determined pursuant to the disbursement instruction.

“1M BBSW”, means the applicable Screen Rate or (where no Screen Rate is available for the Interest Period) the arithmetic mean of the rates (rounded upwards to four decimal places) quoted by the Bank to leading banks in the Australia interbank market, for the offering of deposits in Australian Dollars for 1-month; or

“1M ESTR”  (EST.B.EU000A2QQF24.CR), means the appliable Screen Rate for the 1-month compounded average of Euro Short Term Rate (ESTR) published or made available by the European Central Bank (ECB) as administrator (or any successor administrator), or following notification from the Bank, shall mean the applicable Screen Rate for the 1-month forward-looking term rate based on ESTR that has been selected or recommended by such administrator or (if that is not available) an appropriate source or method determined by the Bank; or

“1M HIBOR”, means the applicable Screen Rate or (where no Screen Rate is available for the Interest Period) the arithmetic mean of the rates (rounded upwards to four decimal places) quoted by the Bank to leading banks in the Hong Kong interbank market, for the offering of deposits in Hong Kong Dollars for 1-month; or

“1M SARON” (SAR1MC), means the appliable Screen Rate for the 1-month compounded average of the Swiss Average Rate Overnight (SARON) published or made available by the Six Swiss Exchange (SIX) as administrator (or any  successor administrator), or following notification from the Bank, shall mean the applicable Screen Rate for the 1-month forward-looking term rate based on SARON that has been selected or recommended by such administrator, or (if that is not available) an appropriate source or method determined by the Bank; or

“1M CME Term SOFR” (SR1M), means the appliable Screen Rate for the 1-month forward-looking term Secured Overnight Financing Rate (SOFR) provided by Chicago Mercantile Exchange (CME) Group Benchmark Administration Limited as administrator of the benchmark (or a successor administrator), or (if that is not available) an appropriate source or method determined by the Bank; or

“1M ICE Term SONIA” (TSRR1100), means the appliable Screen Rate for 1-month term Sterling Overnight Index Average Rate (SONIA) provided by ICE Benchmark Administration Limited (IBA) as administrator of the benchmark  (or a successor administrator), or (if that is not available) an appropriate source or method determined by the Bank; or

“1M SORA” means the appliable Screen Rate for the 1-month compounded average rate of Singapore Overnight Rate Average (SORA) published or made available by the Monetary Authority of Singapore (MAS) as administrator (or any successor administrator), or following notification from the Bank, shall mean the applicable Screen Rate for the one-month forward-looking term rate based on SORA that has been selected or recommended by such administrator, or (if that is not available) an appropriate source or method determined by the Bank; or

“30-Day TONA” (TONA.030A), means the appliable Screen Rate for the 30 day compounded average of the Tokyo Overnight Average Rate (TONA) published or made available by QUICK Benchmarks Inc. (QBS) as administrator (or any successor administrator), or following notification from the Bank, shall mean the applicable Screen Rate for the 1-month forward-looking term rate based on TONA that has been selected or recommended by such administrator, or (if that is not available) an appropriate source or method determined by the Bank.

“Margin” shall be per annum and as determined pursuant to the disbursement instruction.

“Screen Rate” means:

1. in relation to 1M BBSW, the Bank Bill Swap Rate administered by the Australian Securities Exchange (ASX) for Australian Dollars, appearing on the ASX website (asx.com.au); or
2. in relation to 1M ESTR, the 1-month compounded [average] rate of ESTR provided by ECB for Euros, appearing on the website ( https://sdw.ecb.europa.eu/home.do)or such other Screen Rate as notified to you by the Bank; or
3. in relation to 1M HIBOR, the Hong Kong interbank offered rate administered by the Hong Kong Association of Banks (HKAB) for Hong Kong Dollars, appearing on the HKAB website (hkab.org.hk); or
4. in relation to 1M SARON, the 1-month compounded average rate of SARON provided by Six Swiss Exchange (SIX) for Swiss Francs, appearing on the website (https://www.sixgroup.com/exchanges/indices/data_centre/swiss_reference_rates/compound_rates_en.html); or
5. in relation to 1M CME Term SOFR, the 1-month compounded average rate of SOFR provided by CME for US Dollars, appearing on the website (https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html#); or
6. in relation to 1M ICE Term SONIA, the 1-month compounded average rate of SONIA provided by IBA for Pound Sterling, appearing on the website (https://www.theice.com/iba/risk-free-rates); or
7. in relation to 1M SORA, the 1-month compounded average rate of SORA provided by Money Authority of Singapore (MAS) for Singapore Dollars appearing on the  website (https://eservices.mas.gov.sg/statistics/dir/DomesticInterestRates.aspx); or
8. in relation to 30 Day TONA, the 1-month compounded average rate of TONA provided by QUICK Benchmarks Inc. (QBS) for Japanese Yen, appearing on the website (https://moneyworld.jp/page/tona.html); and

where the agreed page is replaced or the service ceases to be available, the Bank may specify another page or service displaying the appropriate rate, or in the alternative substitute the Screen Rate with such other rate as the Bank may determine in good faith and in a commercially reasonable manner.