Template:Nutshell 2002 ISDA Close-out Amount

“Close-out Amount” means the Expenses the Determining Party would incur (positive) or gains it would realise (negative) in replacing the material terms and the option rights of the parties in respect of the Terminated Transaction, determined by the Determining Party as of the Early Termination Date 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 woiuyld 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.