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Calculation Period

under 2000 ISDA Definitions

The amount payable by a party to a swap transaction is calculated by reference to “Calculation Periods”. A Calculation Period starts from (and including) one “Period End Date” to another one.

The 1st Calculation Period will starts on the “Effective Date” and the last Calculation Period will end on the “Termination Date”.

The Period End Dates may be specified but if they are not, they will be deemed to be the same as the “Payment Dates”.

If “FRN Convention” (cf. Section 4.11 of the 2000 ISDA Definitions) is specified to be applicable and an interval of calendar month (e.g. 3 months) is specified, the Period End Date shall be each day at the specified Interval, determined in accordance with the FRN Convention.

Where the Period End Dates are specified, such dates will be adjusted in accordance with the Modified Business Day Convention (unless another Business Day Convention, e.g. Following is specified). Alternatively, the parties can also specified “No Adjustment” so that the Period End Dates will not be adjusted.

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The above notes are intended to provide only general outlines and should be read in conjunction with, and are qualified in their entirety by, the full provisions of the relevant ISDA provisions and definitions. They should never be used in place of professional advice. We accept no responsibility for any loss arising from any action taken or not taken by anyone using this material or using this material in conjunction with any ISDA documentation in reliance thereof.

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