Termination Currency - ISDA Provision

In gory detail

1992 ISDA “Termination Currency” has the meaning specified in the Schedule. (view template)

2002 ISDA “Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. (view template)

Commentary

Note that the 2002 ISDA defaults to GBP or USD where not otherwise specified. This means a 2002 version LFC does not need to specify a Termination Currency.

The Termination Currency concept can be applied to the termination and closeout of single Transactions or groups of Transactions, so it does make sense for it to be "a currency in which payments are due to be made under the relevant Terminated Transaction" - or some such thing.