USD CMS 30y definition

USD CMS 30y means the rate for fixed float interest rate swaps in USD for a period of 30 years which appears on Reuters Page ISDAFIX1 as of 11 am New York time on each calendar day. In case a calendar day is not a Business Day, the relevant rate is the rate displayed on the ISDAFIX1 page on the Business Day immediately prior to such calendar day.
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USD CMS 30y means, in respect of each calendar day falling within an Interest Accrual Period, the rate for USD swaps with a maturity of 30 years, expressed as a percentage, which appears on the Reuters Screen ICESWAP1 Page as of 11:00 a.m., New York City time, on such calendar day. If such rate does not appear on the Reuters Screen ICESWAP1 Page, the USD CMS 30y rate for such calendar day will be a percentage determined on the basis of the mid-market semi-annual swap rate quotations provided by the Reference Banks at approximately 11:00 a.m., New York City time, on such calendar day, and, for this purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating USD interest rate swap transaction with a term equal to 30 years commencing on such calendar day and in a Representative Amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an Actual/360 day count basis, is equivalent to USD-LIBOR-BBA (as defined in the ISDA Definitions) with a Designated Maturity (as defined in the ISDA Definitions) of three months. The Calculation Agent will request the principal New York City office of each of the Reference Banks to provide a quotation of its rate. If at least three quotations are provided, the ratefor such calendar day will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest).
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