English to French Bus/Financial Finance (general) Loan Agreement

Hi all,

Herebelow is an extract from the same loan agreement (as in my previous questions) :

"Where the Interest Rate is expressed as a variable rate, it will be fixed spot one Business Day prior the end of each Interest Period for the first Business Day of the following Interest Period."

I have trouble understanding the whole meaning of the sentence.

Does it mean that the variable rate will be fixed according to the spot ?

Could it be rephrased like this : The value of the variable rate at the 1st B. day of any Interest Period will be fixed according to the spot one Business Day prior the end of the previous Interest Period ?

Which would render in French : "La valeur du taux variable au 1er Jour ouvré de toute Période d'intérêt sera fixée selon le cours spot un Jour ouvré avant le terme de la Période d'intérêt précédente."

Wouldn't it be more clear this way?

thanks a lot!