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Template:ISDA Master Agreement 2002 6(f): Difference between revisions
Template:ISDA Master Agreement 2002 6(f) (view source)
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{{isdaprov|6(f)}} '''{{isdaprov|Set-Off}}'''. Any {{isdaprov|Early Termination Amount}} payable to one party (the “'''{{isdaprov|Payee}}'''”) by the other party (the “'''{{isdaprov|Payer}}'''”), in circumstances where there is a {{isdaprov|Defaulting Party}} or where there is one {{isdaprov|Affected Party}} in the case where either a {{isdaprov|Credit Event Upon Merger}} has occurred or any other {{isdaprov|Termination Event}} in respect of which all outstanding {{isdaprov|Transaction}}s are {{isdaprov|Affected Transaction}}s has occurred, will, at the option of the {{isdaprov|Non-defaulting Party}} or the {{isdaprov|Non-affected Party}}, as the case may be (“X”) (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“'''{{isdaprov|Other Amounts}}'''”) payable by the {{isdaprov|Payee}} to the {{isdaprov|Payer}} (whether or not arising under this {{isdaprov|Agreement}}, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any {{isdaprov|Other Amounts}} are so set off, those {{isdaprov|Other Amounts}} will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this Section {{isdaprov|6(f)}}.<br><br> | {{isdaprov|6(f)}} '''{{isdaprov|Set-Off}}'''. Any {{isdaprov|Early Termination Amount}} payable to one party (the “'''{{isdaprov|Payee}}'''”) by the other party (the “'''{{isdaprov|Payer}}'''”), in circumstances where there is a {{isdaprov|Defaulting Party}} or where there is one {{isdaprov|Affected Party}} in the case where either a {{isdaprov|Credit Event Upon Merger}} has occurred or any other {{isdaprov|Termination Event}} in respect of which all outstanding {{isdaprov|Transaction}}s are {{isdaprov|Affected Transaction}}s has occurred, will, at the option of the {{isdaprov|Non-defaulting Party}} or the {{isdaprov|Non-affected Party}}, as the case may be (“X”) (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“'''{{isdaprov|Other Amounts}}'''”) payable by the {{isdaprov|Payee}} to the {{isdaprov|Payer}} (whether or not arising under this {{isdaprov|Agreement}}, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any {{isdaprov|Other Amounts}} are so set off, those {{isdaprov|Other Amounts}} will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this Section {{isdaprov|6(f)}}.<br><br> | ||
For this purpose, either the {{isdaprov|Early Termination Amount}} or the {{isdaprov|Other Amounts}} (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using {{eqderivprov|commercially reasonable procedures}}, to purchase the relevant amount of such currency. <br><br> | For this purpose, either the {{isdaprov|Early Termination Amount}} or the {{isdaprov|Other Amounts}} (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the {{isdaprov|rate of exchange}} at which such party would be able, in good faith and using {{eqderivprov|commercially reasonable procedures}}, to purchase the relevant amount of such currency. <br><br> | ||
If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. <br><br> | If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. <br><br> | ||
Nothing in this Section {{isdaprov|6(f)}} will be effective to create a charge or other security interest. This Section {{isdaprov|6(f)}} will be [[without prejudice]] and in addition to any right of [[set-off]], offset, combination of accounts, [[lien]], right of retention or [[withholding]] or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).<br> | Nothing in this Section {{isdaprov|6(f)}} will be effective to create a charge or other security interest. This Section {{isdaprov|6(f)}} will be [[without prejudice]] and in addition to any right of [[set-off]], offset, combination of accounts, [[lien]], right of retention or [[withholding]] or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).<br> | ||