Paragraph 3

A society agrees with a participant (whether by a single agreement or by a series of agreements) that the society will at specified times pay to or receive from the participant a sum or sums of money where the amount, if any, to be paid or received is to be determined by reference to the extent to which specified rates of interest differ as between the beginning and the end of specified periods or at a specified time or times, or at specified times fall outside a specified range of interest rates.

In this paragraph “interest” means an interest payable in respect of money but not interest determined by reference to the fluctuations in the value or price of property of any description or in an index or other factor derived from such value or price.