Template:Nutshell 2002 ISDA Applicable Deferral Rate: Difference between revisions

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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 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>
-:(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 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) 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 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>