Template:ISDA Master Agreement 2002 6(f): Difference between revisions

{{isdaprov|6(f)}} '''{{isdaprov|Set-Off}}'''. Any {{isdaprov|Early Termination Amount}} payable to one party (the “'''{{isdaprov|Payee}}'''”) by the other party (the “'''{{isdaprov|Payer}}'''”), <br>in circumstances where there is a {{isdaprov|Defaulting Party}} or where there is one {{isdaprov|Affected Party}} in the case where either a <br>{{isdaprov|Credit Event Upon Merger}} has occurred or any other {{isdaprov|Termination Event}} in respect of which all outstanding {{isdaprov|Transaction}}s <br>are {{isdaprov|Affected Transaction}}s has occurred, will, at the option of the {{isdaprov|Non-defaulting Party}} or the {{isdaprov|Non-affected Party}}, as <br>the case may be (“X”) (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be <br>reduced by its set-off against any other amounts (“'''{{isdaprov|Other Amounts}}'''”) payable by the {{isdaprov|Payee}} to the {{isdaprov|Payer}} (whether or not <br>arising under this {{isdaprov|Agreement}}, matured or contingent and irrespective of the currency, place of payment or place of <br>booking of the obligation). To the extent that any {{isdaprov|Other Amounts}} are so set off, those {{isdaprov|Other Amounts}} will be discharged <br>promptly and in all respects. X will give notice to the other party of any set-off effected under this Section {{isdaprov|6(f)}}.

 

For this purpose, either the {{isdaprov|Early Termination Amount}} or the {{isdaprov|Other Amounts}} (or the relevant portion of such amounts) <br>may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party <br>would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such <br>currency.

 

If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, <br>subject to the relevant party accounting to the other when the obligation is ascertained.