FX Forward Points Reference Level definition
FX Forward Points Reference Level means, in respect of Currency Hedged Certificates only, and in respect of an FX Business Day, the average of the bid and ask rates (which, for the avoidance of doubt, may be positive or negative) with respect to the Currency Pair concerning transactions to borrow or lend (as applicable) the relevant Specified Currency for one FX Business Day as determined by the Currency Hedged Certificates Counterparty having regard to available market data, or as determined by the Currency Hedged Certificates Counterparty acting commercially reasonably and in good faith where such market data is not available or where available market data does not, in the determination of the Currency Hedged Certificates Counterparty, fairly represent forward points levels in the foreign exchange market for the relevant Currency Pair;