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| {{manual|MI|2002|11|Section|11|medium}} | | {{manual|MI|2002|11|Section|11|medium}} |
| Observers will note that, but for the odd comma, Section {{isdaprov|11}} in the {{1992ma}} and the {{2002ma}} are identical. And deliciously brief. Not that they ''couldn’t'' be improved, of course; they just weren’t. The dear old [[Jolly Contrarian]] ''has'' improved it for you: in the panel top left.
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| ===Not covered in the {{isdaprov|Close-out}} calculation?===
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| No. 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, [[Q.E.D.]], they arise only once that amount has been determined and the {{isdaprov|Non-Defaulting Party}} is in the process of collecting it.
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| ==={{isdaprov|Stamp Tax}} and Section {{isdaprov|4(e)}}===
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| In the limited circumstance of default, this section modifies the arrangement for who pays {{isdaprov|Stamp Tax}} as set out in Section {{isdaprov|4(e)}} (which says it is the person whose tax residence precipitates it).
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| ===Applies to {{isdaprov|Events of Default}}, ''not'' {{isdaprov|Termination Events}}===
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| This section applies only following an {{isdaprov|Event of Default}}, and not on a termination following an Termination Event. There is some [[cognitive dissonance]] there: while Events of Default in the main are meant to be more worthy of outrage than Termination Events — thereby justifying stentorian measures to recover losses and costs as a result — some {{isdaprov|Termination Events}}, and most {{isdaprov|Additional Termination Events}} — are credit- and solvency-related, thus equally deserving of the kind of opprobrium that would warrant on on-slapping of an [[indemnity]].
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| ===An [[indemnity]] is all very well ...===
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| Bear in mind, also, that your operating theory here is that your counterparty is a Defaulting Party — i.e., it is broke. So while it’s a fine thing, this [[indemnity]] might not be of much practical use.
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