81,898
edits
Template:ISDA 1992 set off: Difference between revisions
Jump to navigation
Jump to search
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
''There is no Section {{isda92prov|6(f)}} of the {{1992ma}}, but folks used to put in a provision into the schedule which goes something like this:'' | ''There is no Section {{isda92prov|6(f)}} of the {{1992ma}}, but folks used to put in a provision into the schedule which goes something like this:'' | ||
“'''{{isda92prov|Set-off}}'''. Without affecting the provisions of the {{isda92prov|Agreement}} requiring the calculation of certain net payment amounts, all payments under this {{isda92prov|Agreement}} will be made without [[set-off]] or counterclaim; provided, however, that upon the designation of an {{isda92prov|Early Termination Date}} following an {{isda92prov|Event of Default}}, or a {{isda92prov|Termination Event}} under Section {{isda92prov|5(b)(iv)}} or Section {{isda92prov|5(b)(v)}}, in addition to and not in limitation of any other right or remedy (including any right to set off, counterclaim, or otherwise withhold payment or any recourse to any {{isda92prov|Credit Support Document}}) under applicable law the {{isda92prov|Non-defaulting Party}} or {{isda92prov|non-Affected Party}} (in either case, “X”) may without prior notice to any person set off any sum or obligation (whether or not arising under this {{isda92prov|Agreement}} and whether matured or unmatured, whether or not contingent and {{f|irrespective}} of the currency, place of payment or booking office of the sum or obligation) owed by the {{isda92prov|Defaulting Party}} or {{isda92prov|Affected Party}} (in either case, “Y”) to X or any {{isda92prov|Affiliate}} of X against any sum or obligation (whether or not arising under this {{isda92prov|Agreement}}, whether matured or unmatured, whether or not contingent and {{f|irrespective}} of the currency, place of payment or booking office of the sum or obligation) owed by X or any {{isda92prov|Affiliate}} of X to Y and, for this purpose, may convert one currency into another at a market rate determined by X. If any sum or obligation is unascertained, X may in[[good faith]] estimate that sum or obligation and [[set-off]] in respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when such sum or obligation is ascertained. Nothing in this {{isda92prov|Agreement}} [[shall]] create or be [[deem]]ed to create any [[charge]] under English law.” | |||