Company: BCS
Filing Date: 2025-02-20
Form Type: 424B2
Source: 0001193125-25-030302
Chunk: 98

Company: BARCLAYS PLC
Filing Date: 2025-02-20
Form: 424B2
Chunk 98
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 that, in the view of such                                                        
 supervisor, the Reference Rate is no longer representative of an underlying market or the methodology to calculate the Reference Rate has materially changed; or |

| (vi) | it has or will become unlawful for the Calculation Agent or the Issuer to calculate any payments due to be made                                                                                                                    
 to any holders of the Securities using the Reference Rate (including, without limitation, under Benchmark Regulation (EU) 2016/1011, as it forms part of domestic law of the U.K. by virtue of the Withdrawal Act, if applicable); |

“Independent Adviser” means an independent financial institution of international repute or other independent financial adviser experienced in the international debt capital markets, in each case appointed by the Issuer at its own expense; “Reference Rate” means (i) SOFR or (ii) (if applicable) any other Successor Rate or Alternative Reference Rate (or any component part(s) thereof) determined and applicable to the Securities pursuant to the earlier operation of the provisions in this section “— Determination of Subsequent Interest Rate— Benchmark Replacement Event”; “Relevant Nominating Body” means, in respect of the Reference Rate:

| (i) | the central bank, reserve bank, monetary authority or any similar institution for the currency to which the                                                       
 Reference Rate relates, or any other central bank or other supervisory authority which is responsible for supervising the administrator of the Reference Rate; or |

| (ii) | any working group or committee sponsored by, chaired or co-chaired by                                                                                                                                                                        
 or constituted at the request of (a) the central bank, reserve bank, monetary authority or any similar institution for the currency to which the Reference Rate relates, (b) any other central bank or other supervisory authority which is  
 responsible for supervising the administrator of the Reference Rate, (c) a group of the aforementioned central banks or other supervisory authorities, (d) the International Swaps and Derivatives Association, Inc. or any part thereof, or 
 (e) the Financial Stability Board or any part thereof; and                                                                                                                                                                                   |

“Successor Rate” means the reference rate (and related alternative screen page or source, if available) that the Independent Adviser or the Issuer (as applicable) determines is a successor to or replacement of the Reference Rate (for the avoidance of doubt, whether or not the Reference Rate has ceased to be available) which is formally recommended by any Relevant Nominating Body. Day Count Fraction Subject