Mild way to rebuke (8)

I believe the answer is:

moderate

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'mild' is the definition.
(similar in meaning)

'way to rebuke' is the wordplay.
'way' becomes 'mode' (synonyms).
'to rebuke' becomes 'rate' (I can't explain this - if you can you should give a lot more credence to this answer).
'mode'+'rate'='MODERATE'

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(Other definitions for moderate that I've seen before include "Diminish - within reason" , "Average; make less extreme" , "Within reasonable or average limits" , "So-so; sensible" , "Restrained" .)

I've seen this clue in The Globe and Mail.

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