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| | {{isdasnap|9(h)}} |
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| =={{1992ma}}== | | =={{1992ma}}== |
| There is no provision 9(h) in the {{1992ma}}. See instead {{isdaprov|Default Interest}} under Section 2(e). | | There is no provision 9(h) in the {{1992ma}}. See instead {{isdaprov|Default Interest}} under Section 2(e). |
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| =={{2002ma}}== | | =={{2002ma}}== |
| From the "[[you'll be sorry you asked]]" file: | | From the "[[you'll be sorry you asked]]" file: |
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| (i) '''Prior to Early Termination'''. Prior to the occurrence or effective designation of an Early
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| Termination Date in respect of the relevant Transaction:―
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|
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| (1) '''Interest on Defaulted Payments'''. If a party defaults in the performance of any payment
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| obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest
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| (before as well as after judgment) on the overdue amount to the other party on demand in the same
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| currency as the overdue amount, for the period from (and including) the original due date
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| for payment to (but excluding) the date of actual payment (and excluding any period in respect of
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| which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or
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| (C) below), at the Default Rate.
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|
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| (2) '''Compensation for Defaulted Deliveries'''. If a party defaults in the performance of any
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| obligation required to be settled by delivery, it will on demand (A) compensate the other party to
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| the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless
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| otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent
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| permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as
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| well as after judgment) on an amount equal to the fair market value of that which was required to be
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| delivered in the same currency as that amount, for the period from (and including) the originally
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| scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period
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| in respect of which interest or compensation in respect of that amount is due pursuant to clause (4)
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| below), at the Default Rate. The fair market value of any obligation referred to above will be
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| determined as of the originally scheduled date for delivery, in good faith and using commercially
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| reasonable procedures, by the party that was entitled to take delivery.
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|
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| (3) '''Interest on Deferred Payments'''. If:―
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| (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been
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| payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and
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| clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount
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| to the other party on demand (after such amount becomes payable) in the same currency as
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| that amount, for the period from (and including) the date the amount would, but for
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| Section 2(a)(iii), have been payable to (but excluding) the date the amount actually
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| becomes payable, at the Applicable Deferral Rate;
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|
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| (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise
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| have been required to make that payment will, to the extent permitted by applicable law,
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| subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default
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| with respect to that party has occurred and is continuing, pay interest (before as well as
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| after judgment) on the amount of the deferred payment to the other party on demand (after
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| such amount becomes payable) in the same currency as the deferred payment, for the
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| period from (and including) the date the amount would, but for Section 5(d), have been
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| payable to (but excluding) the earlier of the date the payment is no longer deferred
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| pursuant to Section 5(d) and the date during the deferral period upon which an Event of
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| Default or Potential Event of Default with respect to that party occurs, at the Applicable
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| Deferral Rate; or
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|
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| (C) a party fails to make any payment due to the occurrence of an Illegality or a Force
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| Majeure Event (after giving effect to any deferral period contemplated by clause (B)
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| above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so
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| long as the event or circumstance giving rise to that Illegality or Force Majeure Event
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| continues and no Event of Default or Potential Event of Default with respect to that party
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| has occurred and is continuing, pay interest (before as well as after judgment) on the
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| overdue amount to the other party on demand in the same currency as the overdue amount,
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| for the period from (and including) the date the party fails to make the payment due to the
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| occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the
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| payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the
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| date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases
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| to exist and the date during the period upon which an Event of Default or Potential Event
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| of Default with respect to that party occurs (and excluding any period in respect of which
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| interest or compensation in respect of the overdue amount is due pursuant to clause (B)
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| above), at the Applicable Deferral Rate.
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|
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| (4) Compensation for Deferred Deliveries. If:―
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|
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| (A) a party does not perform any obligation that, but for Section 2(a)(iii), would have
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| been required to be settled by delivery;
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|
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| (B) a delivery is deferred pursuant to Section 5(d); or
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| (C) a party fails to make a delivery due to the occurrence of an Illegality or a Force
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| Majeure Event at a time when any applicable Waiting Period has expired,
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|
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| the party required (or that would otherwise have been required) to make the delivery will, to the
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| extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the
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| other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if
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| and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.
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|
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| (ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in
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| respect of a Transaction:―
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|
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| (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the
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| relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the
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| amount of any payment obligation or the amount equal to the fair market value of any obligation
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| required to be settled by delivery included in such determination in the same currency as that
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| amount, for the period from (and including) the date the relevant obligation was (or would have
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| been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the
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| relevant Early Termination Date, at the Applicable Close-out Rate.
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|
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| (2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect
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| of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid
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| together with interest (before as well as after judgment) on that amount in the Termination
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| Currency, for the period from (and including) such Early Termination Date to (but excluding) the
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| date the amount is paid, at the Applicable Close-out Rate.
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| (iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of
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| daily compounding and the actual number of days elapsed.
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| Well, you did ask. | | Well, you did ask. |