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| {{DRVF 11}} | | {{DRVF 11}} |
| {{DRVF 12}} | | {{DRVF 12}} |
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| {{drvfprov|6}} '''{{drvfprov|Calculation Method for Interest-Rate Related Transactions}}'''<br>
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| :{{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>
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| :{{drvfprov|6(2)}} Each fixed amount to be paid in respect of any {{drvfprov|Transaction}} shall be the amount stated in the terms of the {{drvfprov|Transaction}}, if the amount is specified as a figure. Otherwise it shall be the product of<br>
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| ::{{drvfprov|6(2)(a)}} the notional amount agreed for such {{drvfprov|Transaction}}, <br>
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| ::{{drvfprov|6(2)(b)}} the fixed interest rate ('''{{drvfprov|Fixed Rate}}''') agreed for such {{drvfprov|Transaction}}, expressed as a decimal figure, and <br>
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| ::{{drvfprov|6(2)(c)}} the {{drvfprov|Day Count Fraction}} within the meaning of sub-Clause (5) below.<br>
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| :{{drvfprov|6(3)}} In the case of rate protection transactions, the {{drvfprov|Base Rate}} shall be in each case, subject to the terms of the relevant {{drvfprov|Transaction}} and without prejudice to the provisions of sub-Clause (4) below<br>
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| ::{{drvfprov|6(3)(a)}} for payments by the party designated as surplus payer (or Cap or FRA seller), the agreed {{drvfprov|Base Rate}} less the rate which is stated in the terms of the {{drvfprov|Transaction}} as the maximum rate (or cap rate) or as the forward rate, and<br>
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| :{{drvfprov|6(3)(b)}} for payments by the party designated as deficit payer (or Floor seller or FRA buyer), the rate which is stated in the terms of the {{drvfprov|Transaction}} as the minimum rate (or floor rate) or as the forward rate, less the agreed {{drvfprov|Base Rate}}.<br>
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| :{{drvfprov|6(3)(c)}} If a payment is not made upon expiration of the relevant {{drvfprov|Calculation Period}}, but at the beginning thereof, the amount to be determined in accordance with sub-Clauses (1) or (2) above shall be discounted by dividing such amount by an amount which is calculated, in the case of a {{drvfprov|Calculation Period}} of one year or less in accordance with the formula 1+((L*D)/B) and in the case of a {{drvfprov|Calculation Period}} of more than one year in accordance with the formula (1+L) <sup>(D/B)</sup><br>
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| where<br>
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| L means the {{drvfprov|Base Rate}} determined, or other discount rate agreed, in respect of the relevant {{drvfprov|Calculation Period}}, expressed as a decimal figure (i. e. 0.07, for instance, in the case of a {{drvfprov|Base Rate}} or discount rate of 7 %);<br>
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| D means the number of days comprised in such {{drvfprov|Calculation Period}};<br>
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| B means 360, unless the agreed contractual currency is a currency for which it is market practice to calculate the {{drvfprov|Base Rate}} or other agreed discount rate on the basis of 365 or, for leap years, 366 days; in such case B means 365 or 366, respectively.<br>
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| The provisions set forth above shall, unless agreed otherwise, generally apply to {{drvfprov|Forward Rate Agreement}}s. In the case of other {{drvfprov|Transaction}}s, they shall apply only if the terms of the {{drvfprov|Transaction}} provide for discounting.<br>
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| :{{drvfprov|6(4)}} '''{{drvfprov|Day Count Fraction}}''' means, as specified in the terms of the relevant {{drvfprov|Transaction}}, any of the following:<br>
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| ::{{drvfprov|6(4)(a)}} the number of days actually elapsed within the {{drvfprov|Calculation Period}} for which the amount is to be calculated, divided by 360, ('''{{drvfprov|365/360}}''') or<br>
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| ::{{drvfprov|6(4)(b)}} the number of days elapsed within such {{drvfprov|Calculation Period}}, calculated on the basis of a 360-day year with 12 months of 30 days each, divided by 360, ('''{{drvfprov|360/360}}''') or<br>
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| ::{{drvfprov|6(4)(c)}} the number of days actually elapsed within such {{drvfprov|Calculation Period}}, divided by 365 or, in the case of a leap year, 366, ('''365/365''') or<br>
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| ::{{drvfprov|6(4)(d)}} the number of days actually elapsed within such {{drvfprov|Calculation Period}}, divided by 365 ('''{{drvfprov|366/365}}''').<br>
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| :{{drvfprov|6(5)}} '''{{drvfprov|Calculation Period}}''' means the period beginning with, and including, the effective date of the {{drvfprov|Transaction}}, or a {{drvfprov|Payment Date}}, and ending with, but excluding, the next following {{drvfprov|Payment Date}} or the termination date, or, where the parties have specified '''{{drvfprov|Due Date}}/{{drvfprov|Due Date}}''' in the terms of the {{drvfprov|Transaction}} with respect to floating amounts, the period beginning with, and including, the effective date of the {{drvfprov|Transaction}}, or a {{drvfprov|Due Date}}, and ending with, but excluding, the next following {{drvfprov|Due Date}} or the termination date. For the purposes of this {{drvfprov|Agreement}}, '''{{drvfprov|Payment Date}}''' means the day on which the payment is actually to be made, where applicable after adjustment in accordance with Clause 3 sub-Clause (5), and '''{{drvfprov|Due Date}}''' means the contractually agreed day for payment, without any such adjustment.<br>
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| :{{drvfprov|6(6)}} If a floating amount, or a fixed amount to be calculated pursuant to sub-Clause (2) above, sentence 2, is due, the Bank shall notify the Counterparty of such amount, in the first case together with the applicable reference basis.<br>
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| {{drvfprov|10}} '''{{drvfprov|Transfer}}'''<br> | | {{drvfprov|10}} '''{{drvfprov|Transfer}}'''<br> |