With exception of Outright ETR trades (because the Sell Rate is fixed, regardless of when it is Settled), the Reserve is a percentage that is calculated on a daily basis using the Trans-European Automated Real-time Gross Settlement Express Transfer 2 [TARGET2] system from the European System of Central Banks using the Euroclear method of 1/360 to define 1 day, or part thereof. The number of days is calculated by subtracting the Issue Date from the Expected Date