Termination Date - ISDA Definition: Difference between revisions

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Termination Date - ISDA Definition (view source)

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-{{fullanat|isdadefs|3.3|2006}}
+{{isdadefsanat|3.3}}
-The {{isdadefsprov|Termination Date}} is not the date on which the relevant Swap Transaction terminates in the sense that all existing and future rights and obligations under that Swap Transaction cease to exist. Instead, it is the final day on which new payment obligations (such as coupon payments) arise in respect of the Swap Transaction. The existing rights and obligations in respect of that Swap Transaction continue to exist
+On the {{isdadefsprov|Termination Date}} a {{isdaprov|Transaction}} terminates but that does not mean it winks out of existence entirely, in the sense that all existing and future rights and obligations under that {{isdaprov|Transaction}} cease to exist. Instead, it is the last day ''on which new obligations arise'' under the {{isdadefsprov|Swap Transaction}}: a [[coupon]] payable the day ''after'' the termination date is just not payable under the {{isdadefsprov|Swap Transaction}}.
+This isn’t any great surprise, of course. But existing rights and obligations under a {{isdaprov|Transaction}} continue to exist, and — for example, and subject to [[limitation period]]s and counter-claims and so on, if, a year after the {{isdadefsprov|Termination Date}}, it emerges that a payment date fell under it — this seems odd, but might arise as the result of a dispute subsequently resolved by litigation, or retrospective legislation — then this amount would still be payable.
+{{Effective date trade date termination date}}