Deemed Fixed Rate definition
Deemed Fixed Rate means a rate equal to the fixed rate that the related Hedge Counterparty agrees to pay on a Deemed Fixed Rate Hedge Agreement at the time such agreement is executed.
Deemed Fixed Rate means, in respect of any Valuation Date, a rate per annum equal to either (i) if “CPI Final” in respect of the Fixed Rate Payer Calculation Period during which that Valuation Date falls has been published by the Index Sponsor, the “Fixed Rate” applicable in respect of that Fixed Rate Payer Calculation as determined on the basis of the “CPI Final” which has been published or (ii), if “CPI Final” in respect of the Fixed Rate Payer Calculation Period during which that Valuation Date falls has not been published by the Index Sponsor, the “Fixed Rate” that applied in respect of the immediately preceding Fixed Rate Payer Calculation Period or, in the case of the first Fixed Rate Payer Calculation Period, the “Fixed Rate” that would apply in respect of such Fixed Rate Payer Calculation Period if “CPI Final” in respect of such Fixed Rate Payer Calculation Period were deemed to be equal to “CPI Base”.