Template:Nutshell 2002 ISDA Applicable Close-out Rate

“Applicable Close-out Rate” means:—

(a) on an Unpaid Amount:—

(i) if the Defaulting Party’s obligation, the Default Rate;

(ii) if the Non-defaulting Party’s obligation, the Non-default Rate;

(iii) if a deferred obligation under Section 5(d), if there is no Defaulting Party during the deferral period, the Applicable Deferral Rate; and

(iv) in any other case following a Termination Event (except interest which accrues under (iii) above), the Applicable Deferral Rate; and

(b) on an Early Termination Amount:—

(i) from the Early Termination Date until the Early Termination Amount is payable:—

(1) if payable by a Defaulting Party, the Default Rate;

(2) if payable by a Non-defaulting Party, the Non-default Rate; and

(3) in all other cases, the Applicable Deferral Rate; and

(ii) from the date the Early Termination Amount is payable until it is actually paid:—

(1) if unpaid because of an Illegality or Force Majeure Event the Applicable Deferral Rate;

(2) if payable by a Defaulting Party (excluding any period where (1) above applies), the Default Rate;

(3) if payable by a Non-defaulting Party (excluding any period where (1) above applies), the Non-default Rate; and

(4) in all other cases, the Termination Rate.