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Template:ISDA 1992 set off: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "''There is no Section 6(f) of the {{1992isda}}, but folks used to put in a provision into the schedule which goes something like this:'' :''“'''{{isdaprov|Set-off}}'''. Wi...") |
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''There is no Section 6(f) of the {{1992isda}}, but folks used to put in a provision into the schedule which goes something like this:'' | ''There is no Section 6(f) of the {{1992isda}}, but folks used to put in a provision into the schedule which goes something like this:'' | ||
: | :“'''{{isdaprov|Set-off}}'''. Without affecting the provisions of the {{isdaprov|Agreement}} requiring the calculation of certain net payment amounts, all payments under this {{isdaprov|Agreement}} will be made without [[set-off]] or counterclaim; provided, however, that upon the designation of an {{isdaprov|Early Termination Date}} following an {{isdaprov|Event of Default}}, or a {{isdaprov|Termination Event}} under Section {{isdaprov|5(b)(iv)}} or Section {{isdaprov|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 {{isdaprov|Credit Support Document}}) under applicable law the {{isdaprov|Non-defaulting Party}} or {{isdaprov|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 {{isdaprov|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 {{isdaprov|Defaulting Party}} or {{isdaprov|Affected Party}} (in either case, “Y”) to X or any {{isdaprov|Affiliate}} of X against any sum or obligation (whether or not arising under this {{isdaprov|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 {{isdaprov|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 {{isdaprov|Agreement}} [[shall]] create or be [[deem]]ed to create any [[charge]] under English law.” | ||