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Loss - 1992 ISDA Provision: Difference between revisions
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{{isda92anat|Loss}} | {{isda92anat|Loss}} | ||
{{isdaprov|Loss}} is a means of valuing {{isdaprov|Transactions}} following their {{isdaprov|Early Termination}} under the {{1992isda}}. Spoddy point: the definition of {{isdaprov|Loss}} in the {{1992ma}} ''includes'' the “{{isdaprov|Unpaid Amount}}” concept in its definition: | {{isdaprov|Loss}} is a means of valuing {{isdaprov|Transactions}} following their {{isdaprov|Early Termination}} under the {{1992isda}}. Spoddy point: the definition of {{isdaprov|Loss}} in the {{1992ma}} ''includes'' the “{{isdaprov|Unpaid Amount}}” concept in its definition: | ||
:''{{isdaprov|Loss}} includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, '''except, so as to avoid duplication, if Section {{isdaprov|6(e)(i)}}(1) or (3) or {{isdaprov|6(e)(ii)}}(2)(A) applies'''...'' | |||
There is a magnificent piece of ISDA discombobulation here: Section {{isdaprov|6(e)(i)}}(1) and (3), and {{isdaprov|6(e)(ii)}}(2)(A), all deal exclusively with ISDA master agreements where the parties have agreed {{isdaprov|Market Quotation}}, and not {{isdaprov|Loss}}, applies. So there is, in fact, ''no'' risk of duplication, since the definition of {{isdaprov|Loss}} is entirely irrelevant to these parts of the agreement. | |||
===Loss no more=== | ===Loss no more=== | ||