Common use of Corrections to Floating Price Clause in Contracts

Corrections to Floating Price. Unless otherwise specified in the relevant Confirmation, if any Floating Price used by the Calculation Agent to determine any payment in respect of any Calculation Period for any Transaction is subsequently amended under the Code then: (a) either party may notify the other party of that amendment; (b) as soon as practicable after that notification, the Calculation Agent shall recalculate the payments payable in respect of each relevant Calculation Period on the basis of the amended Floating Price, and advise the parties of the amount payable as a result of the amendment and recalculation, together with the identity of the party required to make the payment; and (c) within 5 Local Business Days of such notification, the party obliged to make the payment shall pay the relevant amount to the other party, together with interest at the Non-default Rate from (and including) the relevant Settlement Date for the relevant Transaction until (but excluding) the date of actual payment. For the avoidance of doubt, Section 7.3 of the 2005 Definitions shall not apply to any Transaction.