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Amwelladmin (talk | contribs) (Created page with ":(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...") |
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:(a) | “'''{{isdaprov|Applicable Deferral Rate}}'''” means:— | ||
:(b) | :(a) For Section {{isdaprov|9(h)(i)}}(3)(A) [''payments deferred under Section {{isdaprov|2(a)(iii)}}''], the market rate actually offered by a major bank in the interbank market for overnight deposits in that currency that the payer chose in good faith; <br> | ||
:(c) | :(b) For Section {{isdaprov|9(h)(i)}}(3)(B) [''payments deferred during a {{isdaprov|Waiting Period}} because of an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure}}''] and clause (a)(iii) of {{isdaprov|Applicable Close-out Rate}}, the market rate actually offered by a major bank in the interbank market for overnight deposits in that currency that the payer chose in good faith ''and in consultation with the other party''; and <br> | ||
:(c) For Section {{isdaprov|9(h)(i)}}(3)(C) [''payments not made after a ''Waiting Period'' expires while the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure}} subsists''] and clauses (a)(iv), (b)(i)(3) and (b)(ii)(l) of {{isdaprov|Applicable Close-out Rate}}, the average of the rate the payer obtains under (a) above and the annual rate of the payee’s cost of funding of that amount. <br> |