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| {{isdasnap|11|{{isdaprov|Expenses}} <br> A {{isdaprov|Defaulting Party}} will, on demand, indemnify and hold harmless the other party for and against all <br> reasonable out-of-pocket expenses, including legal fees and {{isdaprov|Stamp Tax}}, incurred by such other party by <br> reason of the enforcement and protection of its rights under this {{isdaprov|Agreement}} or any {{isdaprov|Credit Support Document}} <br> to which the {{isdaprov|Defaulting Party}} is a party or by reason of the early termination of any {{isdaprov|Transaction}}, including, <br> but not limited to, costs of collection. <br>|{{isdaprov|Expenses}} <br> A {{isdaprov|Defaulting Party}} will on demand indemnify and hold harmless the other party for and against all reasonable out-of- <br> pocket expenses, including legal fees, execution fees and {{isdaprov|Stamp Tax}}, incurred by such other party by reason of the <br> enforcement and protection of its rights under this {{isdaprov|Agreement}} or any {{isdaprov|Credit Support Document}} to which the <br> {{isdaprov|Defaulting Party}} is a party or by reason of the early termination of any {{isdaprov|Transaction}}, including, but not limited to, <br> costs of collection. <br>}} | | {{newisdamanual|11}} |
| ==Commentary==
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| Observers will note that, but for the odd comma, these two provisions are identical. And revolutionarily brief. Not that they couldn't be improved, of course; they just weren't.
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| The {{isdaprov|Expenses}} referred to in this provision would not be captured by the definition of "'''{{isdaprov|Close Out Amount}}'''" or "'''{{isdaprov|Early Termination Amount}}'''" because, qed, they arise only once that amount has been determined and the non-defaulting party is in the process of collecting it.
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| {{anat|isda}}
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