Paragraph 6 Calculations by Designated Authorities
The third calculation is—
where—
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N is the amount found by the calculation made in accordance with paragraph 4 above;
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P is the aggregate of amounts determined in accordance with paragraph 7 below in respect of any credit arrangements entered into by the relevant authority in respect of which the rights and liabilities have been transferred to the participant authority (“relevant credit arrangements”); and
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Q is the total of any investments or cash which have been transferred to the participant authority.