Template:M summ 2002 ISDA 6(f): Difference between revisions

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Template:M summ 2002 ISDA 6(f) (view source)

Revision as of 09:40, 6 January 2024

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Replaced content with "{{isda 6(f) summ|isdaprov}}"
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(Replaced content with "{{isda 6(f) summ|isdaprov}}")
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{{set off capsule}}
{{isda 6(f) summ|isdaprov}}
====A bit of a bish in the {{2002ma}}====
Set-off in the {{2002ma}} borrows from the text used to build it into the {{1992ma}} (see below) but still contains a rather [[:Category:Schoolboy error|elementary fluff]]. It imagines a world where the {{isdaprov|Early Termination Amount}} is payable one way, while ''all'' {{isdaprov|Other Amounts}} are only payable the other. Life, [[as any fule kno]], is not always quite that convenient.
 
For example:
{{subtableflex|47|
{{isdaprov|Payer}} owes Payee an {{ETA}} of 10<br>
{{isdaprov|Payee}} owes {{isdaprov|Payer}} {{isdaprov|Other Amounts}} of 50<br>
----
Net: {{isdaprov|Payee}} owes {{isdaprov|Payer}} 40.
}}
But what if there are {{isdaprov|Other Amounts}} payable ''the same way'' as the {{isdaprov|Early Termination Amount}}?
{{subtableflex|47|
{{isdaprov|Payer}} owes Payee an {{ETA}} of 10 <br>
{{isdaprov|Payer}} owes Payee {{isdaprov|Other Amounts}} of 40<br>
{{isdaprov|Payee}} owes {{isdaprov|Payer}} {{isdaprov|Other Amounts}} of 50<br>
----
Net: {{isdaprov|Payee}} owes {{isdaprov|Payer}} 40.<br>
''Whoops: {{isdaprov|Payee}} is still owed 40 by {{isdaprov|Payer}} so is an unsecured creditor '''}}
Not ideal. But fixable if you’re prepared to add some dramatically anal language:
 
{{quote|{{isdaprov|6(f)}} {{isdaprov|Set-Off}}. Any {{isdaprov|Early Termination Amount}} ''(or any other amounts, whether or not arising under this {{isdaprov|Agreement}}, matured, contingent and irrespective of the currency, place of payment of booking of the obligation)” payable to one party (the “'''Payee'''”) by the other party (the “'''Payer'''”), ...}}
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