Template:ISDA Master Agreement 2002 Applicable Deferral Rate: Difference between revisions

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Template:ISDA Master Agreement 2002 Applicable Deferral Rate (view source)

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 “'''{{isdaprov|Applicable Deferral Rate}}'''” means:—
-:(a) under Section {{isdaprov|9(h)(i)}}(3)(A), the rate, reflecting prevailing market conditions, the payer certifies it was offered by a major bank it selected in good faith in the interbank market for overnight deposits in the applicable currency; <br>
+:(a) for the purpose of Section {{isdaprov|9(h)(i)}}(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; <br>
-:(b) under Section {{isdaprov|9(h)(i)}}(3)(B) and clause (a)(iii) of {{isdaprov|Applicable Close-out Rate}}, the rate, reflecting prevailing market conditions, the payer certifies it was offered by a major bank it selected in good faith in consultation with the other party in the interbank market for overnight deposits in the applicable currency; and <br>
+:(b) for purposes of Section {{isdaprov|9(h)(i)}}(3)(B) and clause (a)(iii) of the definition of {{isdaprov|Applicable Close-out Rate}}, the rate certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and <br>
-:(c) under Section {{isdaprov|9(h)(i)}}(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(l) of {{isdaprov|Applicable Close-out Rate}}, the arithmetic mean of the rate determined pursuant to clause (a) above and an annual rate equal to the cost certified by the relevant payee if it were to fund or of funding the relevant amount. <br>
+:(c) for purposes of Section {{isdaprov|9(h)(i)}}(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(l) of the definition of {{isdaprov|Applicable Close-out Rate}}, a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. <br>