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So we have a lot of sympathy with the point, pedantic though it may be, that the [[DUST]] formulation could be simplified for transactions under any master agreement — even for repudiation — by requiring the {{isdaprov|Non-Defaulting Party}} to have closed out the whole arrangement, not just the {{isdaprov|Specified Transaction}} itself. An amendment to the following effect, rendered in ISDA’s leaden prose, wouldn’t be out of the question: | So we have a lot of sympathy with the point, pedantic though it may be, that the [[DUST]] formulation could be simplified for transactions under any master agreement — even for repudiation — by requiring the {{isdaprov|Non-Defaulting Party}} to have closed out the whole arrangement, not just the {{isdaprov|Specified Transaction}} itself. An amendment to the following effect, rendered in ISDA’s leaden prose, wouldn’t be out of the question: | ||
:“For the purposes of Section {{isdaprov|5(a)(v)}} where any {{isdaprov|Specified Transaction}} is governed by a [[master agreement]], an event will only be a {{isdaprov|Default Under Specified Transaction}} where it results in an early termination of all transactions outstanding under the | :“For the purposes of Section {{isdaprov|5(a)(v)}} where any {{isdaprov|Specified Transaction}} is governed by a [[master agreement]], an event will only be a {{isdaprov|Default Under Specified Transaction}} where it results in an early termination of all transactions outstanding under the same [[master agreement]].” | ||
===Final payments=== | ===Final payments=== |