Before revision:  The framework can lead to the effect that discount-factors for very large liquidity requirements or projects are an increasing function of time  .
After revision:  The framework can lead to the effect that discount-factors for very large liquidity requirements or projects are an increasing function of time . It may even lead to discount factors larger than one. This may have relevance in the assessment of event like climate change. * For the valuation of defaultable products, e.g., like a defaultable swap, the framework leads to the generation of a continuum of (defaultable) par rate curves (interest rate curve) and the valuation of a payer and a receiver swap differs by more than just a sign .