82,976
edits
Template:ISDA Master Agreement 2002 Close-out Amount: Difference between revisions
Jump to navigation
Jump to search
Template:ISDA Master Agreement 2002 Close-out Amount (view source)
Revision as of 19:51, 16 November 2016
, 16 November 2016no edit summary
Amwelladmin (talk | contribs) (Created page with "{{isdaprov|Close-out Amount}} means, with respect to each {{isdaprov|Terminated Transaction}} or each group of {{isdaprov|Terminated Transactions}} and a {{isdaprov|Determinin...") |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{isdaprov|Close-out Amount}} means, with respect to each {{isdaprov|Terminated Transaction}} or each group of {{isdaprov|Terminated Transactions}} and a {{isdaprov|Determining Party}}, the amount of the losses or costs of the {{isdaprov|Determining Party}} that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the {{isdaprov|Determining Party}} that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the {{isdaprov|Determining Party}} the economic equivalent of, (a) the material terms of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}}, including the payments and deliveries by the parties under Section {{isdaprov|2(a)(i)}} in respect of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}} that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have been required after that date (assuming satisfaction of the conditions precedent in Section {{isdaprov|2(a)(iii)}}) and (b) the option rights of the parties in respect of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}}. <br> | '''{{isdaprov|Close-out Amount}}''' means, with respect to each {{isdaprov|Terminated Transaction}} or each group of {{isdaprov|Terminated Transactions}} and a {{isdaprov|Determining Party}}, the amount of the losses or costs of the {{isdaprov|Determining Party}} that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the {{isdaprov|Determining Party}} that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the {{isdaprov|Determining Party}} the economic equivalent of, (a) the material terms of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}}, including the payments and deliveries by the parties under Section {{isdaprov|2(a)(i)}} in respect of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}} that would, but for the occurrence of the relevant {{isdaprov|Early Termination Date}}, have been required after that date (assuming satisfaction of the conditions precedent in Section {{isdaprov|2(a)(iii)}}) and (b) the option rights of the parties in respect of that {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}}. <br> | ||
Any {{isdaprov|Close-out Amount}} will be determined by the {{isdaprov|Determining Party}} (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a {{isdaprov|Close-out Amount}} for any group of {{isdaprov|Terminated Transactions}} or any individual Terminated Transaction but, in the aggregate, for not less than all {{isdaprov|Terminated Transactions}}. Each {{isdaprov|Close-out Amount}} will be determined as of the {{isdaprov|Early Termination Date}} or, if that would not be commercially reasonable, as of the date or dates following the {{isdaprov|Early Termination Date}} as would be commercially reasonable. <br> | Any {{isdaprov|Close-out Amount}} will be determined by the {{isdaprov|Determining Party}} (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a {{isdaprov|Close-out Amount}} for any group of {{isdaprov|Terminated Transactions}} or any individual Terminated Transaction but, in the aggregate, for not less than all {{isdaprov|Terminated Transactions}}. Each {{isdaprov|Close-out Amount}} will be determined as of the {{isdaprov|Early Termination Date}} or, if that would not be commercially reasonable, as of the date or dates following the {{isdaprov|Early Termination Date}} as would be commercially reasonable. <br> | ||
{{isdaprov|Unpaid Amounts}} in respect of a {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}} and legal fees and out- of-pocket expenses referred to in Section 11 are to be excluded in all determinations of {{isdaprov|Close-out Amounts}}. <br> | {{isdaprov|Unpaid Amounts}} in respect of a {{isdaprov|Terminated Transaction}} or group of {{isdaprov|Terminated Transactions}} and legal fees and out- of-pocket expenses referred to in Section 11 are to be excluded in all determinations of {{isdaprov|Close-out Amounts}}. <br> | ||