Close-out Amount - ISDA Provision

Close-out amount as a concept was introduced in the 2002 ISDA and doesn't exist under the 1992 ISDA. Instead, terminated transactions are determined according to Market Quotation or Loss.
See ISDA Comparison for a comparison between the 1992 ISDA and the 2002 ISDA.
There are some local variations which are worth bearing in mind:

Close-out amount and Italian counterparties

See for more detail, here: Italian counterparties

2002 ISDA

From the you'll be sorry you asked file.

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Close-out Amount in a Nutshell™ _{(2002 ISDA edition)}

“Close-out Amount” means the losses the Determining Party would incur (positive) or gains it would realise (negative) in replacing the material terms and the option rights of the parties under a Terminated Transaction, determined as of the Early Termination Date (or, if that would not be commercially reasonable, such dates following that date as would be commercially reasonable) in good faith and in a commercially reasonable manner. The Determining Party may determine Close-out Amounts for groups of Terminated Transactions as long as all Terminated Transactions are accounted for.
Unpaid Amounts and Expenses in respect of Terminated Transactions are excluded from the Close-out Amount calculation.
The Determining Party may consider any of the following (unless it thinks they aren’t available or would produce an unconscionable result):

(i) quotations for replacement transactions that factor in the Determining Party’s creditworthiness and the ISDA terms between the Determining Party and the quoting party;

(ii) third party market data; or

(iii) internal quotes or market data if used by the Determining Party in the regular course to value similar transactions.

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If, having read that, you're still not really feeling sorry, the full text might get your remorse radar pinging:

2002 ISDA
{{ISDA Master Agreement 2002 {{{1}}}}}
([[Template:ISDA_Master_Agreement_2002_{{{1}}}|view template]])

I’m sorry I asked

• Market Quotation
• Loss