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Template:Failure to pay procedure: Difference between revisions
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===[[Closing out]] an {{isdama}} following an {{isdaprov|Event of Default}}=== | ===[[Closing out]] an {{isdama}} following an {{isdaprov|Event of Default}}=== | ||
Here is the [[JC]]’s handy guide to [[closing out]] an {{isdama}}. We have assumed you are closing out as a result of a {{{{{1}}}|Failure to Pay or Deliver}} under Section {{{{{1}}}|5(a)(i)}}, because — unless you have inadvertently crossed some [[Tannhäuser Gate|portal, wormhole]] into a parallel and stupider universe — you almost certainly will be. | Here is the [[JC]]’s handy guide to [[closing out]] an {{isdama}}. We have assumed you are closing out as a result of a {{{{{1}}}|Failure to Pay or Deliver}} under Section {{{{{1}}}|5(a)(i)}}, because — unless you have inadvertently crossed some [[Tannhäuser Gate|portal, wormhole]] into a parallel and stupider universe — you almost certainly will be. That, or at a pinch {{{{{1}}}|Bankruptcy}}. Don’t try telling your [[credit officer]]s this by the way: he won’t believe you and might be terribly wounded. | ||
In what follows “{{isdaprov|Close-out Amount}}” means “{{isdaprov|Close-out Amount}}” (if under a {{2002ma}}) or “{{isda92prov|Loss}}” or “{{isda92prov|Market Quotation}}” amount (if under a {{1992ma}}), and “{{{{{1}}}|Early Termination Amount}}” means, for the {{1992ma}}, which neglected to give this key value a memorable name, ““the amount, if any, payable in respect of an {{{{{1}}}|Early Termination Date}} and determined pursuant to this Section”. | In what follows “{{isdaprov|Close-out Amount}}” means “{{isdaprov|Close-out Amount}}” (if under a {{2002ma}}) or “{{isda92prov|Loss}}” or “{{isda92prov|Market Quotation}}” amount (if under a {{1992ma}}), and “{{{{{1}}}|Early Termination Amount}}” means, for the {{1992ma}}, which neglected to give this key value a memorable name, ““the amount, if any, payable in respect of an {{{{{1}}}|Early Termination Date}} and determined pursuant to this Section”. | ||