The interest rate is fixed two (2) Business Days prior to the conversion date with the margin of […] % p.a. net above the SWAP-rate (or the Lender’s actual refinancing rate should the latter be higher than the SWAP-rate), the total being divided by 0.95 at the time of the conversion with a duration corresponding to the remaining average loan period, minimum two (2) years SWAP.
Процентная ставка устанавливается за два (2) Рабочих Дня до конверсии с маржой […] % годовых ??? net above the SWAP-rate (or the Кредитор’s actual refinancing rate should the latter be higher than the SWAP-rate), the total being divided by 0.95 at the time of the conversion with a duration corresponding to the remaining average loan period, minimum two (2) years SWAP.
Заранее спасибо

net относится к марже, а above - над чем маржа