Template:M summ 2002 ISDA Termination Currency Equivalent

A fabulous example of the English language getting the better of a committee of its own seasoned professional users, ISDA’s remarkable “Termination Currency Equivalent” definition erodes the fabric in which the basic assumptions of people who share a common language are woven.

It convolutes, to the point of incomprehensibility, an idea well enough described by its own name. Who would labour under a serious doubt about this expression:

“one party must pay the other the amount in its termination currency equivalent”?

Failing that, how about this:

“one party must pay the other an equivalent amount in the termination currency”?

The idea of an amount in one currency of an amount expressed in another really oughtn’t to be that hard to master, but to see how hard someone with profound ontological uncertainty can make it, have a gander at this ==>