2. In these Rules —“3‑month compounded SORA”, in relation to a period, means —| (a) | if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3‑month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —| (i) | on its Internet website at http://www.mas.gov.sg; or | | (ii) | where the website is unavailable to the public, in any other form that is readily accessible by the public, |
| on either of the following days: |
| (iii) | if 1 March of that calendar year is a business day — that day; | | (iv) | if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or |
| | (b) | if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3‑month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —| (i) | on its Internet website at http://www.mas.gov.sg; or | | (ii) | where the website is unavailable to the public, in any other form that is readily accessible by the public, |
| on either of the following days: |
| (iii) | if 1 September of that calendar year is a business day — that day; | | (iv) | if 1 September of that calendar year is not a business day — the last business day in August of that calendar year; |
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| “business day” means any day other than a Saturday, Sunday or public holiday; |
| “prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021; |
“Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as published by the Monetary Authority of Singapore —| (a) | on its Internet website at http://www.mas.gov.sg; or | | (b) | where the website is unavailable to the public, in any other form that is readily accessible by the public. |
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