HUF-BUBOR-Reference Banks definition
HUF-BUBOR-Reference Banks means that the rate for a Reset Date will be determined on the basis of the rates at which deposits in Hungarian Forint are offered by Reference Banks in the Budapest interbank market for a period of the Designated Maturity commencing on that Reset Date and in a Representative Amount at approximately 12:30 p.m., Budapest time, on the day that is two Budapest Banking Days preceding that Reset Date. The Calculation Agent will request the principal Budapest office of each of the Reference Banks to provide a quotation of its rate. If quotations are obtained from each of the eight Reference Banks, the rate for that Reset Date will be the arithmetic mean of the four rates remaining after the two highest and the two lowest are excluded. If at least four, but fewer than eight, quotations are obtained (after the substitution of Passive Interest Rate Listing Banks for Active Interest Rate Listing Banks as contemplated by Section 7.5(c)(ix)), the rate for that Reset Date will be the arithmetic mean of the rates remaining after the single highest and the single lowest rates are excluded. If fewer than four quotations are provided as requested, the rate for that Reset Date will be the rate for deposits in Hungarian Forint for a period of the Designated Maturity which was most recently published by the National Bank of Hungary pursuant to the BUBOR Regulation.