DRV-F wikitext: Difference between revisions

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~~{{drvfprov|5}} '''{{drvfprov|Reference Basis}}''' ~~

:{{drvfprov|5(1)}} Where a floating interest rate, exchange rate, price or other calculation basis ('''{{drvfprov|Floating Basis}}''') has been agreed in respect of a {{drvfprov|Transaction}}, the Bank shall notify the Counterparty of the underlying reference basis on the day such {{drvfprov|Floating Basis}} is to be determined ('''{{drvfprov|Calculation Date}}''') or promptly thereafter.

:{{drvfprov|5(2)}} If, on a {{drvfprov|Calculation Date}}, it is not possible to determine the reference basis agreed in respect of the relevant {{drvfprov|Transaction}}, the parties shall determine such reference basis by using a basis of calculation which is as close as possible, to the one agreed with respect to the relevant {{drvfprov|Transaction}}. If the reference basis is an interbank interest rate which cannot be determined by mutual agreement within 20 days, the reference basis shall be the arithmetic mean of the interest rates which two banks of international reputation, selected by the Bank offer time deposits in the contractual currency with equivalent maturities to prime banks in the interbank market for about the same amounts as the notional amount at about 11.00 a. m. (local time of the relevant interbank market) on the {{drvfprov|Calculation Date}}.

:{{drvfprov|5(3)}} An interest rate used as a reference basis ('''{{drvfprov|Base Rate}}''') shall, if necessary, be rounded up to the nearest multiple of one hundred-thousandth of a percentage point.

{{drvfprov|6}} '''{{drvfprov|Calculation Method for Interest-Rate Related Transactions}}'''

:{{drvfprov|6(1)}} Each floating amount to be paid in respect of a {{drvfprov|Transaction}} shall be the product of (a) the notional amount agreed for such {{drvfprov|Transaction}}, (b) the floating interest rate ('''{{drvfprov|Base Rate}}''') calculated in accordance with Clause 5 and the terms of such {{drvfprov|Transaction}}, expressed as a decimal figure, and (c) the {{drvfprov|Day Count Fraction}} within the meaning of sub-Clause (5) below.

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 {{DRVF 12}}
-{{drvfprov|5}}	'''{{drvfprov|Reference Basis}}'''<br>
-:{{drvfprov|5(1)}}	Where a floating interest rate, exchange rate, price or other calculation basis ('''{{drvfprov|Floating Basis}}''') has been agreed in respect of a {{drvfprov|Transaction}}, the Bank shall notify the Counterparty of the underlying reference basis on the day such {{drvfprov|Floating Basis}} is to be determined ('''{{drvfprov|Calculation Date}}''') or promptly thereafter.<br>
-:{{drvfprov|5(2)}}	If, on a {{drvfprov|Calculation Date}}, it is not possible to determine the reference basis agreed in respect of the relevant {{drvfprov|Transaction}}, the parties shall determine such reference basis by using a basis of calculation which is as close as possible, to the one agreed with respect to the relevant {{drvfprov|Transaction}}. If the reference basis is an interbank interest rate which cannot be determined by mutual agreement  within  20  days,  the  reference  basis  shall  be  the arithmetic mean of the interest rates which two banks of international reputation,  selected  by  the  Bank  offer  time  deposits  in  the contractual currency with equivalent maturities to prime banks in the interbank market for about the same amounts as the notional amount at about 11.00 a. m. (local time of the relevant interbank market) on the {{drvfprov|Calculation Date}}.<br>
-:{{drvfprov|5(3)}}	An interest rate used as a reference basis ('''{{drvfprov|Base Rate}}''') shall, if necessary, be rounded up to the nearest multiple of one hundred-thousandth of a percentage point.<br>
 {{drvfprov|6}}	'''{{drvfprov|Calculation Method for Interest-Rate Related Transactions}}'''<br>
 :{{drvfprov|6(1)}}	Each floating amount to be paid in respect of a {{drvfprov|Transaction}} shall be the product of (a) the notional amount agreed for such {{drvfprov|Transaction}}, (b) the floating interest rate ('''{{drvfprov|Base Rate}}''') calculated in accordance with Clause 5 and the terms of such {{drvfprov|Transaction}}, expressed as a decimal figure, and (c) the {{drvfprov|Day Count Fraction}} within the meaning of sub-Clause (5) below.<br>

DRV-F wikitext: Difference between revisions

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