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{{ISDA Deferral of Payments and Deliveries}} | {{ISDA Deferral of Payments and Deliveries}} | ||
If you want to find out the {{isdaprov|Applicable Close-out Rate}}, chances are you will bump into one of these deferred payments rates. You might think, and we might agree with you, that {{icds}} was over-thinking a remote contingency for recovering more money from a counterparty that probably doesn’t have the money to pay it in the first place. Okay, okay, it might do upon a {{isdaprov|Force Majeure Event}} or an {{isdaprov|Illegality}}. But not a {{isdaprov|2(a)(iii)}} suspension. | |||
{{icds}}. ''Never knowingly unfussed{{tm}}''. | |||
Revision as of 17:29, 7 September 2024
Upon an Illegality or Force Majeure Event, payments and deliveries are deferred until the earlier of (a) the expiry of any Waiting Period; and (b) the date on which the Illegality or Force Majeure Event is cured.
If you want to find out the Applicable Close-out Rate, chances are you will bump into one of these deferred payments rates. You might think, and we might agree with you, that ISDA’s crack drafting squad™ was over-thinking a remote contingency for recovering more money from a counterparty that probably doesn’t have the money to pay it in the first place. Okay, okay, it might do upon a Force Majeure Event or an Illegality. But not a 2(a)(iii) suspension.
ISDA’s crack drafting squad™. Never knowingly unfussed™.