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{{set off capsule}} | {{set off capsule}} | ||
===A bit of a bish in the {{2002ma}}=== | ====A bit of a bish in the {{2002ma}}==== | ||
Set-off in the {{2002ma}} borrows from the text used to build it into the {{1992ma}} (see below) but still contains a rather [[:Category:Schoolboy error|elementary fluff]]. It imagines a world where the {{isdaprov|Early Termination Amount}} is payable one way, while ''all'' {{isdaprov|Other Amounts}} are only payable the other. Life, [[as any fule kno]], is not always quite that convenient. | Set-off in the {{2002ma}} borrows from the text used to build it into the {{1992ma}} (see below) but still contains a rather [[:Category:Schoolboy error|elementary fluff]]. It imagines a world where the {{isdaprov|Early Termination Amount}} is payable one way, while ''all'' {{isdaprov|Other Amounts}} are only payable the other. Life, [[as any fule kno]], is not always quite that convenient. | ||
For example: | For example: | ||
{{subtableflex|47| | |||
{{isdaprov|Payer}} owes Payee an {{ETA}} of 10<br> | |||
{{isdaprov|Payee}} owes {{isdaprov|Payer}} {{isdaprov|Other Amounts}} of 50<br> | |||
---- | ---- | ||
Net: {{isdaprov|Payee}} owes {{isdaprov|Payer}} 40. | |||
}} | |||
But what if there are {{isdaprov|Other Amounts}} payable ''the same way'' as the {{isdaprov|Early Termination Amount}}? | But what if there are {{isdaprov|Other Amounts}} payable ''the same way'' as the {{isdaprov|Early Termination Amount}}? | ||
{{subtableflex|47| | |||
{{isdaprov|Payer}} owes Payee an {{ETA}} of 10 <br> | |||
{{isdaprov|Payer}} owes Payee {{isdaprov|Other Amounts}} of 40<br> | |||
{{isdaprov|Payee}} owes {{isdaprov|Payer}} {{isdaprov|Other Amounts}} of 50<br> | |||
---- | ---- | ||
Net: {{isdaprov|Payee}} owes {{isdaprov|Payer}} 40.<br> | |||
''Whoops: {{isdaprov|Payee}} is still owed 40 by {{isdaprov|Payer}} so is an unsecured creditor '''}} | |||
Not ideal. But fixable if you’re prepared to add some dramatically anal language: | Not ideal. But fixable if you’re prepared to add some dramatically anal language: | ||
{{quote|{{isdaprov|6(f)}} {{isdaprov|Set-Off}}. Any {{isdaprov|Early Termination Amount}} ''(or any other amounts, whether or not arising under this {{isdaprov|Agreement}}, matured, contingent and irrespective of the currency, place of payment of booking of the obligation)” payable to one party (the “'''Payee'''”) by the other party (the “'''Payer'''”), ...}} |