It is a little confusing in the Nexus 7000 configuration guide on when "bfd slow-timer" should be used. After consult RFC2880 (Bidirectional Forwarding Detection (BFD)), I have a better understanding that slow-timer can be used when Echo function is used. Apparently, BFD is a standard and leaded by Juniper Networks.
The following is for your reference:
"In BFD Asynchronous mode, the systems periodically send BFD Control packets to one another, and if a number of those packets in a row are not received by the other system, the session is declared to be down."
"When Echo funciton is active, a stream of BFD Echo packets is transmitted in such a way as to have the other system loop them back through its forwarding path. If a number of packets of the echoed data stream are not received, the session is declared to be down."
You can use Echo function with Asynchronous mode. When Echo function is used, the echo packets (not the control packets) are used for fail detection. As a result, the Control packets can be sent in a much slower interval.
The quoted parts are from RFC5880.
HTH.
-Frank