Template:M summ 2002 ISDA Close-out Amount

From the you'll be sorry you asked file. Have a butcher’s at the nutshell version on the right. If, having read that, you’re still not really feeling sorry or resentful, the full text (below) right might get your remorse radar pinging.

Note the prominent requirement to achieve a “reasonable” (1992 ISDA) or “commercially reasonable” (2002 ISDA) result. On what that latter lovely expression means see Barclays v Unicredit. Spoiler: it’s basically good for brokers as long as they aren’t being total dicks.

There are some local variations which are worth bearing in mind:

Close-out Amount and Italian counterparties

See for more detail, here: Italian counterparties

Releationship with Early Termination Amount

For those curious about the difference between the Early Termination Amount and the Close-out Amount in the 2002 ISDA, look no further than back there, along the sentence you've just read. Go on.