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| Truly from the {{isia}} file — almost in the [[shoot me]] file. This whole game of pan-dimensional chess, with ''six'' different rates to apply in different circumstances, is all just to work out how to accrue interest on {{isdaprov|Unpaid Amount}}s and {{isdaprov|Early Termination Amount}}s when closing out. You get a strong sense that the pragmatists of {{icds}} — if there are any — had well and truly tuned out and gone to the bar by the the ’squad got to this definition. Looking on the bright side, ''at least it doesn’t mention [[LIBOR]]''.<ref>[[File:Dramatic Chipmunk.png|left|100px|frameless]]Did someone say ''[[LIBOR]]''?</ref>
| | {{isda Applicable Close-out Rate summ|isdaprov}} |
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| An easier way of thinking about it:
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| ====There is an Event of Default====
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| If there is an {{isdaprov|Event of Default}} it will be the {{isdaprov|Default Rate}} or the {{isdaprov|Non-default Rate}}, depending on who is paying, whether it is an {{isdaprov|Unpaid Amount}} or an {{isdaprov|Early Termination Amount}}, before or after the {{isdaprov|Early Termination Amount}} payment date. That knocks out a lot of the complexity right there: {{quote|
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| A {{isdaprov|Defaulting Party}} pays the {{isdaprov|Default Rate}} and a {{isdaprov|Non-defaulting Party}} pays the {{isdaprov|Non-default Rate}}. In all circumstances.}}
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| ====There is not an Event of Default====
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| This includes {{isdaprov|Termination Events}} and ''quasi'' {{isdaprov|Termination Events}} — things like {{isdaprov|Force Majeure Event}}s and {{isdaprov|Illegality}} where there is a {{isdaprov|Waiting Period}} or a deferral of some kind. Here it will be
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| :Until the day the {{isdaprov|Early Termination Amount}} is due (factoring in any {{isdaprov|Waiting Period}}), the {{isdaprov|Applicable Deferral Rate}}, and after that point the {{isdaprov|Termination Rate}}.
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| Look, I said easi''er'', not eas''y''. You do sense that it could have been quite a lot less convoluted even than this, don’t you.
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