For the purpose of thi s Condition 5(c)(i v)(C)( e):
"SARON Administrator " means SIX Swiss Exchange or a ny
successor administrator of the SARON ;
"SARON Administrator Website " means the website of the SARON
Administrator;
"SARON Index Cessation Effective Date " means the earliest of  (as
determined by the Calculation Agent and notified by the Calculation
Agent to the Issuer ):
(1) in the case of the occurrence of a SARON Index Cessation
Event described in paragraph ( i) of the definition thereof, the
date on which the SARON Administrator ceases to provide the
SARON;
(2) in the case of the occurrence of a SARON Index Cessation
Event described in subparagraph (ii)(x) of the definition
thereof, the latest of: (i) the date of such statement or
publication  or (ii) the date, if any, specified in such statement
or publication as the date on which the SARON will no longer
be representative ; or
(3) in the case of the occurrence of a SARON Index Cessation
Event described in subparagraph  (ii)(y) of the definition
thereof, the date as of which the SARON may no longer be
used;
"SARON Index Cessation Event " means the occurrence of one or
more of the following events  (as determined by the Calculation Agent
and notified by the Calculation Agent to the Issuer ):
(i) a public statement or publication of information by or on
behalf of the SARON Administrator, or by any competent
authority, announ cing or confirming that the SARON
Administrator has ceased or will cease to provide the SARON
permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator
that will continue to provide the SA RON; or

(ii) a public statement or publication of information by the
SARON Administrator or any competent authority
announcing that ( x) the SARON is no longer representative
or will as of a certain date no longer be representative, or ( y) 61 the SARON may no long er be used after a certain date,
which statement, in the case of subclause ( y), is applicable
to (but not necessarily limited to) fixed income securities and
derivatives.

### Language ###
English

### Assessment ###
A user might want to know who is officially in charge of managing and providing the SARON rate.

### Query ###
Who is the official administrator of SARON?
Who is the official administrator of SARON?